Bob, I’m creating short ambient sound. Such sounds in the game like DOOM are point sounds and they are looped as long as player is in sound area. New source port of Doom the ZDoom provides many popular formats from wav to ogg. As I was listening to loop quality there I can confirm that loop is perfect - better than most players. I’m not making twelve hour tracks. The reason why I compress to ogg is because wav takes too much space. The mod with many various sounds would be big. I’m using WaveLab LE7. In toolbars I don’t see pencil thing yet. I’ll try to search in various options and settings. I will try to line up multiple copies in montage. I’m doing it. I don’t know whether I will succeed. I have an idea >> the second copy of the same clip to set vice versa (contrarily). I mean so the end of the track would become the beginning and the beginning the end. The lines would match but track length would be doubled. But would it sound different? Question: How to turn the track backwards?
I have realised what I have just said and I’m ROFL 
. Of course the second part would sound differently but lines would definitely match.