It's perfectly fine to ride with a really loose chain, until it jumps off a sprocket, wraps itself around one end or the other, and either locks up your rear wheel or rips the heck outa the back end of your gearbox.
Removing a couple of links might work as a temp fix but you're going to need a chain breaker and a new master link to do it. If it's gotten that loose you'll DEFINITLEY need new sprockets while you're at it - replacing just the chain'll mean the worn sprockets chew the new chain out in no time.
Would I ride it like that? No.
Matt
