from the last picture, it looks like a common (probably english threaded) bottom bracket. it may have been installed wrong or is the wrong bb, because the drive side looks like it is missing the lockring, but the driveside is not subbposed to have a lockring. or, more likely, you are correct, and the driveside cup just backed out about an quarter of an inch. if it was mine i would tear it apart and see what's up, but it may be prudent to send it to the LBS and let THEM tell you what's up.

huey...

BTW, it may be that somebody put in an 72mm axle in a bb made for a 68? (is this even possible) and had to leave the driveside cup out a few millimeters to compensate.