Many people do not realize that you can merge a looped clip into a new, single audio clip. Just select the looped clip and press Ctrl+W or select "Merge to New Clip" from the Sound menu.
Why would you want to do this? Let's say you've looped an instrument clip and you decide you want to change just the last part so that the music repeats several times and then ends differently. Select the clip by clicking on it, press Ctrl+W to merge it, and it will be replaced by a continuous clip that you can then modify.