One Pet Peeve

I have one pet peeve. I mean, I have others but there's one I'm going to write about now... The word "loose" used instead of "lose".

If something is "loose" then it is not tight. See the definition.

Now, if you "lose" something, then it is no where to be found. It is lost.

So, when I read that someone is going to "loose it" I wonder if they're actually going to loosen something or if they have truly lost it.