Questions About Rolands Sp 404, sampler questions Options

[skipp]

I've got some questions about the sp 404 and i hope that someone out there will be able to help me out.I've making and recording instrumental beats with various computer software for some years now,and i'm looking for a half decent and afordable sampler/synchronizer cos i'm sick of depending on keyboards and computer screens,the sp 404 sounds pretty much like what i'm looking for,but there are still a few things i'm uncertain about:
-does it come with any sort of sample chop function?for example will i be able to cut a snare out of a drum loop in the sp itself or will i have to do the editing externally( ie:the bloody computer i'm trying to get away from )
-i also dont know what is meant by the fact that the pads arent velocity sensitive,does that mean that the sound is delayed after you hit the pad?
-and when it comes to recording a lyric over a beat,lets say the beat consists of 6 patterns,can i record the one lyric over the whole beat or would i nead an 8 track?

If anyone reading this has any other good advice regarding the 404 or any other samplers in the same price range please let me know!