After seeing a trillion forty-nine sentences like, "I hope he doesn't loose this contest," and "UR a looser," may I enlighten you on a small fact?
LOSE: (looz) vb. destroy, to miss from a customary place, to suffer deprivation of, to fail to use, to fail to win or obtain, to fail to keep or maintain, to wander from, to get rid of.
LOOSE: (loos) vb. not rigidly fastened, free from restraint or obligation, not dense or compact in structure, not chaste, slack, not precise or exact.
You will notice, internet, that not only do the words have different meanings they have different pronounciations as well. That means they are not homonyms, so from now on you will stop getting a free pass. Please stop. Losers.
Grammar Girl and Spellcheck Boy