Just noticed this from Elektron HQ:
We just released OS 1.2 for the Octatrack. This major OS update adds, among other things, the Pickup machines. Pickup machines make the Octatrack function as a looper and are great tools for guitarists, beat boxers, DJs and in general anyone wanting to experiment with loops. OS 1.2 can be downloaded in the Octatrack Downloads section.
A big thank you goes out to the beta test crew!
Visit the elektron page for all of the details: