Ambiloop is described as 'Windows software application that uses your sound card to create smoothly overlapping loops of sound in real-time'. There are nine alternatives to Ambiloop for a variety of platforms, including Mac, Windows, iPad, AudioBus and iPhone. The best alternative is Mobius, which is free. Other great apps like Ambiloop are Loopy (Paid), Repetito (Paid), LoopRecorder (VST/AU plugin, Standalone) (Paid) and SampleWiz (Paid).
Mobius is live looping open source software for the real-time creation of audio loops, with an old fashioned (win 3.1 style) GUI, MIDI and PC-keyboard control, and a powerful scripting language to customize and control all aspects of the software externally.
Loopy, the sophisticated, tactile live looper app that reinvents iPhone and iPad music making. Layer up to 12 loops with overdub, stereo, count-in, variable tempo, import/export, and full MIDI clock and control support.
LoopRecorder is a Live Looper, an almost click-less Recorder (wav) and a loop Player (wav, flac, aiff, mp3, ogg). Insert it as a 32/64bit plugin (VST or AU), place the cursor where you want to record and press play in your host.
New Musical Instrument - Fast self sampling music creation and MIDI controller by Jordan Rudess. Can be used for live looping, creating and saving loops, for performing with Rap and Dance like style music, or as an advanced type of sampler.
ALK is a DAW that combines a sequencer and looper into a live tool that's as advanced as a traditional sequencer, letting you draw, move, copy and paste musical arrangements as well as layering live sounds.