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Loops points are "points" in a song that mark the start and end of a loop. Most of my songs have short 10-second intros that don't fit in to the loop, so I would put a loop point at the beginning of the main song.
Is there a way to get these into iTunes?
They took that out quiet a while ago. If you really want it, I would ask Apple to put it back in: http://www.apple.com/feedback/itunesapp.html. If a lot of people want it, they will, if you're the only one, they probably won't, but might. Apple tends to listen to what the customers want pretty well. I asked for a feature in iWork and the next minor update had it.