wammy bar

Not at all tight.

Spin it in until is starts to show some resistance, then back it out part of a turn so that it hangs down below the pickguard.

I've seen many people play with it dangling straight down, and loose enough to sway as they moved around the stage.

Yep, you want to be able to grab it, use it and have it drop out of the way when done. But it's a personal preference, it just doesn't have to be tight.

I like my bar a little tighter, so it stays where I leave it. I never liked the bar to be loose enough to swing around when I move the guitar - harder to find it with my hand, when I want it. I can't remember for sure, but I think David Gilmour's (among others) bar in the Pulse DVD is tighter, like mine. But, that is just a personal choice. Try it both ways and see which you prefer.

^^^Yea, David has a relatively tight whammy.

Behave.

I had a wammy bar on my first electric, but took it off because it just got in the way if I tightened it up and wobbled about uncontrollably if I didn't. I don't miss it at all, and my LP copy doesn't have one anyway.

Best,

A :-)

Drop a spring from a click pen in the hole to take some of the resistance.

Like the others said, I keep mine just tight enough to slightly hang below the strings to keep it out of the way when I don't need it (but not so loose that it moves around), but it's close enough so that I can reach down easily to pull it up when I want to use it. I really think it's a matter of personal preference.