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The Event Loop action is a useful little action that simply runs another event in your form.
The most common use is in a pink On Fail event of another action - like Check Captcha - when there is an error and you want to re load the form instead of continuing to process the results.
See this FAQ for more information on the On Fail and On Load events.
The Event loop action only has two options and you almost always want to use the default settings with the Target Event set to > On Load and Quit next actions set to Yes.
If you set the Target Event to the event that the action is in or one of its parents then you will probably create a loop and get an out of memory error when the event is run.
If you are setting up advanced form applications then you can use the action to pass control between different form events.