USB2 has a max speed of 480 Mbit/s (in comparison SATA 300 has 2400Mbits/s).
A 2-channel 16bit WAV file at 44100Hz can be around 1 Mbit/s to 2 Mbit/s, sometimes less, sometimes more.
So that's theoretically around 400 to 800 tracks at once at 16/44100Hz.
The real issue with this is what else is connected to the USB bus, and how the flow of data is managed. I have heard of glitches occurring when people have lots of things on the same USB or Firewire bus that their recording interface, or recording medium, is attached to.
I've never seen this scenario in use myself though, so your mileage may vary.