Adj. The lack of (or having very few) morals.
Gary Strudel: Yo Matao, you are such a loose goose!
Mike Flucker: Better get them morals in check!
Matao Froond: Stop yelling! I don't want people to think I am loose.
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When you rip ass, and a little shit comes out, which is generally referred to as a "Fluid Fart", more than one in a short amount of time is generally called "Fluid Farts".
"Uhm, Frank, Can you take my shift? I have a bad case of the Fluid Farts."
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Adj. + Noun A term to describe someone who is so loose that it is no longer comprehensible as to how loose they actually are.
Gary Strudel: Hey Matao! Guess What?
Matao Froond: I'm a loose goose?
Mike Flucker: Yeah you are you loose goose!