To empty the contents of the keg. Usually by oral consumption. Also the sign that the party/function has come to an end.
All the beer is gone. The keg has been floated. NO MORE BEER! FUCK! Now how am I gonna get this girl drunk and take advantage of her.
by T October 6, 2004
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Verb.

To exhaust a resource which, being absolutely finite, is treated as though it is inexhaustible. Usually describing a situation where an observer would predict this outcome long before the subjects.

This term is derived from the tendency of a beer keg to float to the top of a barrel of ice once empty.
a. Damn, son. Ain't nobody gonna do nothin' bout our addiction to oil 'till we float the keg and run out.

b. I heard that, brother.

or

Too b@d we flo@ted the keg on that expense @ccount. I could really use @ new keybo@rd.
by I'm probably your dad September 5, 2013
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