This loophole allows you to carry as many thousands of pounds of crap as you can possibly muster on your person.
Follow these steps in their simplicity.

1. Get as many strength altering items on your person as possible. Ogre Gear as I like to call it. Now load up with as much junk as you can carry... reach your weight limit.

NOW

2. Hold down these buttons all at once: L + A + Y (This is the cheat console)

3. Now put in a code like PAQUIN (tome of lessons) as it creates a tome of lessons in your inventory. (repeat this step as many times as you want by simply hitting the accept button over and over and over until your hand goes numb)

3a. You will notice that items created in this fashion do not add to your burden.

4. Next, drop all of those heavy tomes. You will notice that it will think that you dropped the weight.

5. Viola! You are carrying all that you were before, but it says you are carrying 0lbs.