Thread-level speculation (TLS) allows potentially dependent threads to speculatively execute in parallel, thus making it easier for the compiler to extract parallel threads. However, the high cost associated with unbalanced load, failed speculation, and inter-thread value communication makes it difficult to obtain the desired performance unless the speculative threads are carefully chosen. In this paper, we focus on extracting parallel threads from loops in general-purpose applications because loops, with their regular structures and significant coverage on execution time, are ideal candidates for extracting parallel threads. General-purpose applications, however, usually contain a large number of nested loops with unpredictable parallel performance and dynamic behavior, thus making it difficult to decide which set of loops should be parallelized to improve overall program performance. Our proposed loop selection algorithm addresses all these difficulties. We have found that (i) with the aid of profiling information, compiler analyses can achieve a reasonably accurate estimation of the performance of parallel execution, and that (ii) different invocations of a loop may behave differently, and exploiting this dynamic behavior can further improve performance. With a judicious choice of loops, we can improve the overall program performance of SPEC2000 integer benchmarks by as much as 20%.