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!
The world is no longer grey, it's now in colour ever since I found her (Jessica Henry). This makes me very happy (more than temporarily).
It floats my boat and finds my lost remote... if you know what I mean... and if you don't... check urban dictionary.