I have a 72 malibu, with a steering setup that appears to be stock. It's getting very loose, there's a lot of play in the steering wheel. What adjustments can I make and what components should I check and possibly replace?

adjusting+GM+recirculating+ball+steering+sector

Google the above. Excellent article about tuning up your steering sector.

Logan,if it's that bad, with your limited experience I would suggest you have the car inspected by a mechanic first thing.
Mike

In order: rag joint, steering box, pitman arm, idler arm, center link, inner & outer tie rods, steering knuckles, ball joints. If you're not sure how to check each of these, take it to a reputable shop.

Thanks guys, I appreciate your help.

adjusting+GM+recirculating+ball+steering+sector

Google the above. Excellent article about tuning up your steering sector.

Which article is it?

Here is a little reading....I couldn't get the site hosting Jim Shea's steering papers to open. Normally it takes more than a simple adjustment to correct these issues. Even when these systems were new they were kinda loose, the standards have changed considerably compared to today's new vehicles with rack and pinion steering. As mentioned above you should check you're complete system to avoid possible safety risk involved with worn components.

http://www.corvetteactioncenter.com/forums/c3-technical-performance/13626-steering-box-slop.html

You can also Google Jim Shea Steering Papers when the site comes back up...Good Luck

In order: rag joint, steering box, pitman arm, idler arm, center link, inner & outer tie rods, steering knuckles, ball joints. If you're not sure how to check each of these, take it to a reputable shop.
Do not forget to check the the control arm bushings . They are PIA to get to but they wear out also. They will affect alignment but won't make they steering loose