Floaters takes place in an alternate world where narcotics are legal and urban warfare is a way of life. Several generations of racial interbreeding has produced a new race of exotically beautiful "rainbow people," many of whom are addicted to a drug known as Cloud Seven which, when inhaled, causes the addict to float.

The drug's inventor, Dr. Taylor (T-Lex) Lexington has uncovered important information regarding a dangerous new form of Cloud Seven; but before he can discuss his findings with his star pupil, Increase, he's struck down by a poison dart from an unknown assailant. While T-Lex lies in a coma, Increase and his friends begin to unravel the mysteries surrounding the manufacture of the drug- a mystery they may not survive.