Is there a way to select loops with Emulate 3 Button Mouse and Left click select enabled?
You can also create a keyboard shortcut in User Preferences > Input. Then expand 3D View > Mesh and click Add New. Enter
mesh.loop_select as the identifier and set up your shortcut. I use
[. Tick the checkbox for "Toggle Select".
In 2.7 it will act like the
L and allow you to multi-select! You can hover and press
[ and it will act exactly like if you
ALT + RMB without Emulate mouse on.
The answer iKlsR gave is good but it won't behave the same; selecting a face and going Select > Edge Loop will select 2 face loops, which is rarely what you want.
Emulate MMB does not currently work when you choose select with LMB. Blender allows you to select it when it's grayed but it still wont work.
To select an edge loop, use Alt + LMB or from the view header, select an edge and go to Select > Edge Loop. Additionally, you can map a custom shortcut to this action by right clicking and choosing Change Shortcut.