hi,
not a stupid question, in fact, i've spent a lot of time trying to figure out how to do this efficiently in CEP. Here's one way I've found... Record the sample that you want in the EDIT window...make sure you slice it up just right so that if you play it looped in the EDIT window, there are no obvious clicks or anything that let you know its actually looped. (its best to have someone else in the room with their eyes closed tell you if they can spot the seam). Then, still in the EDIT window, go to view->wave properties and click on the "loop info" tab. Set the option button to "loop" and you can probably go with the default # beats, tempo, and key for now. Save that wav, then insert the wav block into an empty track in the Multitrack session window. There - right click on the wav block and open "loop properties." click - "enable looping" and then choose your loop type. Once you're back in the Multitrack window, there should be a little icon in the bottom right corner of the wav block. If you left-click on this and drag to the right (in time) you can stretch the loop out as long as you need it there and CE automatically sets the looping for you. The really great thing about it is that you can force a loop to fit to a certain bpm if you're using that feature in the overall multitrack settings...and the volume/pan/effects envelopes span the entire loop. Having said all this, I think the loop properties sub menu may only be available in CEP2.0 so I hope I haven't wasted your time. Anyway - hope that helps!
I'd also like to say I just discovered this site the other day and it has unearthed a huge amount of new and interesting (and very useful) information for me!! I felt the need to "give back" ...thanks!