On Ravelry right now, the Loom-A-Long group is working on converting needle knitting patterns to loom knitting. This is really cool, because it opens up the whole word of patterns to the loom knitter. Circular knitting patterns actually don't need any conversion for loom knitting, its the same concept.
Converting flat panel needle knit patterns to loom knit patterns
Loom Knit Designs including stitch instructions for all the stitches on the loom - from Isela.
Knitting Motifs - some really neat patterns like Peace sign, etc. I think the Peace sign would look great in knits and pearls as a spa cloth or dishcloth.
List of knitting stitches from KnittingPatternCentral.com.
K2tog=Knit 2 together
SSK=Slip Slip Knit Video of k2tog and ssk on loom - from Stephanie
