What will happen if the earth loses its gravity?

Answer 1

If the earth loses gravity only high density elements will remain. The rest, water, atmosphere, organic and unorganic inhabitants of earth surface, will fall apart in to open space.

Answer 2

If Earth were to suddenly lose its gravity, everything not securely anchored to the ground would float off into space, including the atmosphere and oceans. The loss of gravity would cause cataclysmic changes to the planet's structure, leading to widespread destruction.