Totally brings back memories of my N64... you do very well with this musical medium... Its like Final Fantasy but with a lot more depth... now, I didn't even notice it was a loop until just now... It must have gone through about 3 times already and I just noticed... so this could do well in the background of one of the many adventure games featured here on Newgrounds...
For some reason, I can almost see an older style RPG character talking to a Lord or Lady about a daughter that ran away as being a mission I have to accept to move ahead in the game... I would venture to say I can see an icecave as part of the mission.