A euphemism for something naughty that one would do to another person.
I want to tickle your fancy floating boat.
I can't wait to get those girls home, and tickle their fancy floating boats.
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Used instead of whatever floats your waterlogged goat, whatever floats your boat, whatever floats your goat, etc etc.
Used by smart people who are trying to prove they're up to date with both science and popular culture. Boats are made so they don't get waterlogged you wannabe college graduates!
Jeorne: Yeah, I wanna kill some australian maps.
Geekni: Whatever floats your waterlogged boat. See what I did there? Coz it's in the water? See? See?
Jeorne: riiiiight...
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A person that does not settle down in to one group they tend to float around loads of other groups socialising
"Look at the trap Queen she's such a Float boat