"I think she's loosing it."
Loosing (pron. loo-sing)
Present participle of the verb "to loose," which means:
"chanting in the bathroom" (cf. [1])
"freeing", as in "setting loose" (Loosing the hounds of war)
"causing to be loose" (Loosing a knot)
"letting fly" (Loosing an arrow)
"making less strict" (Loosening of trade restrictions)