A piece of software that is the opposite of bloatware, i.e. light, simple, intuitive. It may also refer to a software as a service (Saas) solution that resides "in the cloud", hence "float".
Scottish slang for a floppy penis. The word is derived from a combination of the words "floppy" and "boaby", the latter being Scottish slang for penis.
Aww mate chief Ryan's got a proper floaby
SK loves the floaby in his jobby