This is a term used to label one who finds large, usually inflatable objects to be arousing. These objects can be balloons, large plushies or even your average decorative inflatable.
"dude, have you seen looner1234's new vid on onlyfans?"
"no, why?"
"it's so hot. he sat on a balloon and it popped right beneath his ass!"
Chugz: What's all the fuzz about Rah dog?
Shanker: His friend K-man was literally on fire, and he tried to put it out the fire with a screwdriver....
Chugz: That's Looney tunes for ya!
When one sleeps with a girl who later turns out to be a psycho.
"Bro, my brother slept with this one girl the other week and it turned out she was like a crack head and stalks him now"
"Man that is some serious looney poon!"