Definitely loose. This is a repair Ive never had to make and as a poor student Im not paying my LBS to tighten something that is hopefully simple to tighten. How exactly would I go about tightening this beast up? Are special tools needed. Ive got an marine engine repair shop at my disposal for tools.
I can't tell you because I don't know what kind of bottom bracket you have. But yes, you'll need special tools. It's likely not all that hard to do, however-- you might buy the tools and get advice from the LBS on how to do it.
As others have said it could be one of a number of types of bottom bracket. It is is the ashtabula type then you can do the job with standard tools you would have in the shop. If it is another type then normally you would use a couple special tools; it may (or may not) be still possible, however, with some ingenuity around the shop.