«No load running» means that there is no output torque available. In other words, the throttle is adjusted just enough to maintain the chosen rpm constant.
«Full load running» means that there is the maximum torque that the engine can produced at the chosen rpm available at the crankshaft. This condition always happens at full throttle. To achieve that, you must apply a resistive torque on the crankshaft, otherwise the engine rpm will only increase until the engine's rpm limit (i.e. failure).