I did a search in the FAQs for both BIAB and RB and I couldn't find any reference to this being a current function. someone feel free to correct me if I'm wrong.

ping pong effect is exactly how you describe it and basically all it is - is changing the panning back and forth between channels.

this is a function which is very easy and native to Sonar, Music Creator (which is currently on $20, if the sale is still on), Cubase, etc.