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.