So to start out, lose is a verb. It means that you have misplaced something.
Loose is an adjective. It means the opposite of tight. It means baggy.
Examples:
"Mom, these pants are way too loose. Can we buy some more?" I ask.
"If I don't lose my wallet in the next ten minutes," she replies.
GET IT?
Also, lost comes from lose, never loose. Okay? Okay ;)
