yedey has released LoopDrive3, a freeware loop slicer and step-sequencer especially made for drum loops. It cuts a drum loop into fixed sized steps according to the selected tempo and enables the user to rearrange the sliced beats with its built-in step-sequencer.

There is also a "reverse sequencer" which enables you to play selected beats backwards. After rearranging the loop you can apply a filter, bit crusher, distortion, overdrive and even a grain FX. There's also the possibility to set the FX order, which gives you more control over the FX.

LoopDrive3 is freeware and is available as a VST instrument for Windows. Created with SynthMaker, LoopDrive3 is open source - the SynthMaker schematic is available for download too.