The basic floating rig is setup with a bobber, a split shot for the weight and a hook with your bait. This is a very common technique for catching largemouth bass, especially among pond fishermen. Anglers typically have a lot of success fishing with floating rigs near some sort of shallow water cover such as weeds, grass, wood, docks and lily pads.
Once these fish go deep, anglers tend to go to the slip bobber rig so they can get their baits down deep where the fish are. Live baits such as minnows, leeches and nightcrawlers work well when fished under a float.