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A loose lockring on a cassette is not uncommon. You need a cassette lockring tool to tighten the lockring. Park Tool website recommends 360 inch pounds torque on the cassette lockring. If you don't want to purchase a tool, a bicycle shop should be willing to tighten the lockring for you for $5 or less. It is a 20 second job.
http://www.parktool.com/products/detail.asp?cat=4&item=FR-5
http://www.parktool.com/products/detail.asp?cat=4&item=FR-5