Void ratio is the amount of non-soil space within the soil volume. It can be occupied by air or water. Degree of saturation is the ratio of space occupied by water compared to the total void space.
Volume changes due to changes in soil moisture seldom follow simple rules. As a general rule, "loose" soils often densify with changes in soil moisture - whether they are dried of wetted. "Medium dense" soils may shrink, expand - or do nothing - with changes in soil moisture, depending on the soil type. "Very dense" soils don't really respond much to soil moisture change unless they contain clay; then the predominant volume change is swell with soil moisture increases.
Now, if I could narrowly define "loose", "medium dense" and "very dense" soils we'd have a neat arrangement. Unfortunately, I can't. Every soil is unique, and seemingly minor variations in the soil unit weight can have a significant influence on soil behavior.
What's the maximum void ratio that "can" occur? Well, it's pretty high - as I recall, some of the montmorillonite clays beneath Mexico City have Plastic limits of around 100 with Liquid limits of up to 400. Natural water contents can range anywhere between, but are often in the neighborhood of 250. You can calculate the void ratio and unit weight ("density"

of these soils assuming the sample is fully saturated and has a specific gravity of about 2.8 -
Please see FAQ731-376 for great suggestions on how to make the best use of Eng-Tips Fora.