Can players with very loose preflop selection be winners?

[roggles]

Tried searching, but it gave nothing. I know very little about LHE, so this is a quite basic question about the game.

Today I played 5/10 against a loose aggressive semi-retard. In hold em he raised almost every hand preflop when it was folded to him (no matter the position), and he called raises all the time. He also did plays like 3-betting 36o and then betting all the way. He had 1000 bets at the table, so he was probably just playing around. Obviously I pegged him as a bad player that will probably give me profits.

What I wonder is if a loose style can win money in the long run in limit hold em. I don't think I've ever seen it, but this is rumored to be true in NLHE. What is the case in limit?