Multilooting means you can get unlimited items and money from one monster. I have been able to achieve the maximum - loot 13 artifacts from the Emerald Island Dragon including some 250k gold. It ruins the game, of course, but I did it just for fun, and it took several hours to do so.To multiloot, kill the beast you wish to loot. Then in front of the dead body save your game and loot it. Because of the graphics bug, there's a little chance that after looting the dead body, it won't disappear though you already received the loot. And that's actually it. After a successful loot save the game, after unsuccessful try - reload.
Usually I loot 2-3 artifacts from the EI dragon and later set a rule that not more than 1 artifact per high level monsters.
Multilooting works in MM6-MM8 because they run basically the same engine.