Is anyone DJing with loops and not actual songs?

[Johnny-come-lately]

Is anyone DJing with loops for the most part and hardly ever if ever playing actual songs? Is this even feasible? I don’t have any experience with loop software such as Acid, Fruity Loops and Ableton other than my brother made a sales call to Sonic Foundry or heard about them somewhere just after Acid was originally released and for a while there we were playing around with it online but at the time they were so new that they had a very limited library of loops and had less than 100 loops total, if I remember correctly, and that it got old for us because of the limitations of such as small library though it was increasing all the time at a fast pace. Also, I remember us complaining that the software was rather basic and wouldn’t let us do things we wanted but I don’t have any doubt that this is no longer the case.
Well, here we are in late 2006 and it appears that there are all kinds of loop CD’s and downloads and many have the skills and equipment needed to make their own loops. Not that I have anything against buying great music and it is so inexpensive to what I was used to paying for vinyl but I started thinking the other day that it would be really cool if instead of mixing songs live using Live to instead mix a bunch of loops live and hopefully create one of a kind song on the fly that keep blending into each other like a proper DJ mix. I could see this being done but with it being much more difficult than mixing actual songs. At first, if I try to go this route, I am guessing that I would need to start of with commercial loops and not self created ones as I have the gear to make my own loops but must admit that I don’t have the creativity, time, nor that mastering skills required.