A phrase commonly used in Philadelphia, meaning that the person’s mental faculties are basically not working normally because of either a drug/narcotics problem or serious mania of schizophrenia, bipolar, or BPD. In this phrase essentially, the captain is a metaphor for the person’s mind and loose means they have basically lost it.
“you see that fellow, Matthew?”
“yes, something does not seem normal”
“Exactly, he has lost his mind. His mind is a loose captain . He has been like that for a while.”
“Oh, the captain is loose? That saddens me.”
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).