last / latest
last: adjective usually meaning 'final'
Examples:
I took the last train to Memphis.
This is the last test of the semester!
latest: adjective meaning 'most recent' or 'new'
Examples:
His latest book is excellent.
Have you seen his latest painting?
lay / lie
lay: verb meaning 'to put down flat' - past tense - laid, past participle - laid
Examples:
He laid his pencil down and listened to the teacher.
I usually lay my pies on the shelf to cool.
lie: verb meaning 'to be down' - past tense -lay (be careful!), past participle - lain
Examples:
The girl lay on the bed asleep.
At the moment, he's lying on the bed.
lose / loose
lose: verb meaning 'to misplace'
Examples:
I lost my watch!
Have you ever lost anything valuable?
loose: adjective meaning the opposite of 'tight'
Examples:
Your pants are very loose!
I need to tighten this screw. It's loose.
Source:http://esl.about.com/cs/vocabulary/a/a_confused.htm
