Well I was wondering if I register a domain and use random whois info would I loose the domain or how does it work?
If someone reports false registration information to your registrar, you run the risk of losing your domain. If you don't want your personal information revealed, you can use a service like Domains by Proxy to register.
better to use whois protection, if have 2 or more domains in same account and if u use different info for them, then i think, it may cause problem...