You can view loopback traffic live in Wireshark by having it read RawCap's output instantly. cmaynard describes this ingenious approach at the Wireshark forums. I will cite it here:
[...] if you want to view live traffic in Wireshark, you can still do it by running RawCap from one command-line and running Wireshark from another. Assuming you have cygwin's tail available, this could be accomplished using something like so:
cmd1: RawCap.exe -f 127.0.0.1 dumpfile.pcap
cmd2: tail -c +0 -f dumpfile.pcap | Wireshark.exe -k -i -
It requires cygwin's tail, and I could not find a way to do this with Windows' out-of-the-box tools. His approach works very fine for me and allows me to use all of Wiresharks filter capabilities on captured loopback traffic live.