What ever makes you hard or gives a guy an erection. Makes the penis rise, or 'float'.
Float my boat:
Every time I see a topless woman on the beach... Oh man, that really floats my boat!
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When a couple are in a relationship (usually intimate) but maintain separate residences for personal reasons.
I've been with Mary Lou for years now, and I think I owe it to our Seprelation arrangement.