Tor-Helge Skei has released fx_cutter, a free loop slicer/buffer FSU effect plugin for Windows.

Audio is continually recorded into a buffer (length is ‘beats’, each slice subdivided into ‘slices’),
and randomly (‘cut prob’), a few slices will be selected (‘max cut’), and subdivided (‘max loop’), and
then this small bit is looped for the duration of the outer selection, the longer bit (the ‘max cut’
part)..and each time this loop wraps around, it can possibly halve (‘slowdown’) or double (‘speedup’)
its playback speed, or halve (‘halve’) or double (yes, ‘double’) the size of the looped bit..

It is pretty uncontrollable and unrepeatable with all the probibilities, so i usually run a track several
times through this, and cut out the good parts..

http://www.youtube.com/watch?v=kEHPDdiR1XU

The FREE plugin is available to download for Windows (VST Win32) HERE

More INFO: Tor-Helge Skei | fx_cutter