Floating

Don, I hope that this last minute stuff is not too elementary for you, but I think that it bears repeating and thinking about. 

Floating is a strategy that is really planning to bluff.  With a float, you call raises either in or out of position with the plan to bluff at the pot (or better yet, connect solidly).  It is usually employed out of the blinds from a button raise.  Since most raises are not made with pairs, and by nature, most cards do not connect with the flop, the float is sometimes very effective.  Say you are in the BB and it is raised 2.5 x the blind from the button.  You have J/7 offsuit.  You call the raise, and on a flop of 4/4/9 you check and when the button continuation bets you then check raise him.  This is a flop that a loose caller could have nailed with his A/4 suited, 4/5 connectors, or even A/9.  The button has probably missed, and should fold hands as good as AK, AQ, etc.  You would even elicit folds from all pairs 8 or lower.  Basically, floating is calling with "any two cards" with evil intentions after the flop.  Of course, if you meet stiff resistance you are usually forced to fold, and this is not a good plan with multiple players in the pot.  Very sophisticated players, who you meet in the WSOP may even float your bluff check raise and rebluff on the turn or river.  Very Scary.  It also drives home the problem with playing all hands out of position.  The decisions are a lot harder.  But, this is a way to maybe slow down that habitual button raiser and maybe nail him!