As far as I know, You can't set the might and magic music to loop after its done. It's complicated but if you really like the music there is a way to do it. I have actually turned on Windows media player. (Version 10) It reads that the Might and magic Cd has 19 audio tracks. you can copy them to a folder. when Im ready to play MM7 If just slect the tracks and start teh media player, minimize it, then run MM7, turning off only the music in game. all the tracks play on repeat in media player while you play and you still get the full voices adn sound in game! 
And as for your other question, the only unlockable towns in the Town Portal map are: Harmondale, Erathia, Tularean Forest, Nighon ,The Pit, and Celeste. The rest you'll have to wait to set/use Lloyd's beacon to portal to.
