The loop space of a topological group inherits itself the structure of a group under pointwise group multiplication of loops. This is called a loop group.
Loop groups of compact Lie groups have canonical central extensions, often called Kac-Moody central extensions . A detailed discussion is in (PressleySegal). A review is in (BCSS)
The standard textbook on loop groups is
A review of some aspects is in
(with an eye towards the string 2-group).
The relation between representations of loop groups and twisted K-theory over the group is the topic of