Wow - first of all thanks for the responses....I have to leave so I wanted to quick post a response.

pump is a hayward 1.5 HP motor w/a sand filter (above ground pool - 24ft round)
low drain on pool? I don't understand.....

Do you have a ball valve in line with the skimmer that allows you to decrease the vacuum there?,....NO

Water is high enough in the skimmer - it is a little over 1/2 way up the skimmer

Hose is filled w/water from the return before hooked to skimmer.

Filter is at a constant 12 psi (except for when it is turned off - we did buy a new gauge this year as I broke the old one )

When I turn off the pump...yes...the skimmer basket shoots up and lots of air bubbles come up and then little ones keep coming. I think there is also air bubble shooting out the return.

I am running to the pool place (45 min away..ouch) to buy a new skimmer. I think poconos had a great explanation and I actually understood it....thank....will update after the new skimmer is attached...after we drain....ugh i want to swim!!!