Hi Berube, the one you're talking about there is for selecting a loop of edges on a face, it can target any loop of edges and you control it by selecting 2 adjacent edges first on the face you want to target, then when you trigger it the rest of the edges making up that trim boundary will be selected.

To select open holes you can do that by setting up a shortcut key with the select naked edges script as described here:
http://moi3d.com/forum/index.php?webtag=MOI&msg=6051.2

Also note that if you want to fill in a planar hole on an object like that you don't need to select the edges, you can select the whole object and run Construct > Planar and it will fill it in. Construct > Planar can be used in 2 different ways, if you give it a set of planar curves or edges it will build an individual planar surface through those but you can also give it an entire object and it will find open edges and if the open edges make a closed planar loop it will make a planar surface through them and join it into the object all in one go.

- Michael