Action Annual 5 is a Bloodlines crossover, by Jeph Loeb, Lee Moder, Joe Rubenstein, Jose Marzan Jr and Terry Beatty. While Bloodlines on the whole leaves me cold, this is one of the less awful chapters.
Eddie Walker is a former MSCU officer, a hot-tempered one who could never obey orders.
He gets lured by one of the aliens, who has taken the form of a sexy woman.
As happens in each of the Bloodlines annuals, he gets bitten, but transforms into a super-being. In this case, a colour-changing giant, Loose Cannon. The Last Son of Krypton arrives at that moment, and assumes Loose Cannon has attacked the woman.
Loose Cannon and the Last Son of Krypton battle over the unconscious alien, until others of her kid show up, and then the heroes work together against them all.
They drive the aliens off, but do not defeat them. There are still more Bloodlines annuals to come.
Maggie Sawyer, who knows Eddie Walker well, does not recognize Loose Cannon, but does have a great line. As his colour changes based on his emotions, she refers to him as the “mood ring of the super-hero set.” When he gets back home, and relaxes, he winds up reverting to human form.
Loose Cannon returns in the Bloodlines conclusion.