Top Definition
When you see something that you are interested in and understand, and therefore actively participate or advocate for it. If you are "not floatin' it," then you recognize the possibility of a particular scenario, but are not willing to act in any way to contribute to it's occurrence. This often applies to one's own sexual preference, or the option of two other friends engaging in a relationship.
Theatre Girl: Hamlet and Horatio definitely have the hots for each other. I'm going to write a fanfic for it!
Other Girl: I'm feelin' it, but not floatin' it.
by What-You-Will September 24, 2013

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