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I run in to this problem a lot with some of the people I play frequently. This is a tough 1 for me when I've got both at the same table. I can value bet a calling station and extract their entire stack on a hand or 2, I can handle the crazy guy most of the time, got to work on my patients with these people though, but having both on the same table I find a little more challenging. This is kind of the strategy I'm developing for this. Please please, suggestions to make it better.
When I get a good preflop hand, group 1 or 2 and I act before the crazy guy, I'll raise 4x the BB, because a lot of the players who raise on every hand will fold to a lot of action before them, rahter than them raising if the action is just called to them. So, many times this gets rid of the loose aggressive because he's scared and even though he would have raised with his 72, he knows you have a better hand.
So, my calling station of course calls my bet and we see a flop together. If I hit, I'll bring them all in by the river, if I miss, I'll check around and hope that I have an over pair lik A/A or hope they didn't pair at all on my A/K, or A/Q.
The biggest problem I'm facing now is when the aggressive guy has raised preflop the last 15 hands, I get a good hand and raise before him and he reraises me. There's a chance that he has a great hand, even bad players get good cards, but if I have a group 1 or 2, I've got mhyself a goood hand too.
Anyway, its a work still in progress, only been playing for a few months. I'll have a bunch of more hands under my belt by this time tomorrow and will have worked on this that much more. Hopefully we can both get some good answers from this thread.
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