NO, because the item you "requested" to loot is disappeared.
Let me take an example: When the server lag very bad
19:00:10 Nettie drop GM hat
19:00:11 You pressing "loot" button (Z is default)
Next 30 sec lag...
19:00:55 Item disappeared (Shown later when server replied)
19:00:59 Replied by the server "cannot take anymore item"