I've a track I really like, but it ends too soon when the good beats get in. So I'd like to get my hands some good freeware music editing software, and make the last minute or so repeat once or twice.

Does anyone have any suggestions?

The track in question is some music from Bit.Trip.Fate

http://www.youtube.com/watch?v=8vrONyerETs 3.25-4.38 I'd like to repeat fyi.

Thanks

http://audacity.sourceforge.net/ might work. It's sort of an audio swiss army knife. Simple features like gain, reverb, cutting and pasting, multiple tracks, peak reconstruction, etc. You can find the section of audio you want, highlight it, adjust the selection until you find a good spot to loop, and copy paste it to your preferred length.

Audacity is more of a sound editing piece of software, which will probably work fine for what you're trying to do. But if you're actually interested in music authoring software you might look into modplug tracker. Actually there's a whole bunch of free trackers out there. I used to mess around with them back in the day. Just google "tracker" and see what you find.

I vote for Audacity. I used to use it until I bought Audition.

Yep, Audacity will work perfect for what you want.

I know this might be slightly off topic but.Can you create a sound file from scratch via software?

Umm, yes? It's just ones and zeroes. You're going to have to be more specific about what kind of sound you mean.

Like a gunshot sound.

You're better off using stock sound effects for things like that. You can find tons of them licensed under permissive personal use and creative commons licenses on the Internet