A:Answer Yes, yes and yes.
The WS-700M has a Segment Repeat function that will allow you to repeat a portion of a recording as you described.
The WS-700M can record files in your choice of three formats: PCM (.wav), MP3 or WMA. The FIle Divide function is available when using either the PCM or MP3 format, but it is not available when using the WMA format.
Using the Erase function, you can delete a single file or all of the files in a particular folder. Using the Format function, you can delete all files on the device.