If you lose control of it, it is a loose ball as Archie stated and is fair game to be batted around while the player runs all over the court like a ninny. If, on the other hand, the player actually shoots or attempts a pass and then takes a few steps to catch the ball himself without another player touching it (or the ball touching the floor or backboard, rim, or another object that would keep the ball in play) then it is a travel.
I am really glad we had this talk. I feel a lot better now about our relationship. Thank you. I just needed closure.