So I was playing around with my guitar today and I noticed that my volume knob was loose so I went to tighten it and there was no screw on it. So I was like "why the hell is there one on my tone then?" and gave it a lil pull and sure enough after owning this guitar for 2 years I just now found out I had a coil tap.

I was wondering what exactly it does/will do with my sound?
Also as stated up above is there anyway to tighten my volume knob?
coil taps make a humbucker like a single coil, so it'll sound, well, like a single coil (you know, lighter or w/e, good for cleans)
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It took you 2 years to realise you've got a coil tap? Jeez.

Basically it'll make your humbucker sound like a single coil.