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1.
Experiencing an erection in water. A "floating boner".

floa(ting) + (bo)ner = floaner
A floaner is usually in a pool or jacuzzi as the result of massage jets.
by youbettawork123 April 09, 2010
 
2.
a flimsy boner is a penis in which the it is not quite fully erect or fully flaccid
Abel wanted to rail that skank one more time, but his floaner wasn't quite hard enough
by Abel Suarez October 23, 2006