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1.
(n) An overly promiscuous individual. A more free term for skank, slut, or ho. Durived from the behavior of a piece of paper when thrown in the air, how it moved with no bounds, or control, in a promiscuous way.

(v) Engaging in promiscous or random sexual intercoarse. May or may not be with an unknown partner. Usually, but not always, in a casual sexual encounter. Possibly in-intimate.
"Susie slept with 4 different guys in one night. She is SO loose leaf."

"My boyfriend just got in from Dallas tonight, and I think I may loose leaf with him as soon as he get home."
by Astrodisiac August 13, 2006
 
2.
3-hole-punched lined paper that is not held together in a pad, i.e. each page is loose.

Known to Saskatchewanians.
The teacher handed out loose leaf to the students so that they could take notes.

I keep my loose leaf in a binder.
by KarlaHard October 28, 2007