If you loop a dollar bill around your barrel and try to slide it down between the barrel and the stock youll most likely find it wont go because the barrel is resting on the stock. Floating the barrel means modifying things so the barrel does not touch the stock. This is accomplished by sanding down the barrel channel.
The process is simple and does not require a gunsmith. All my rifles get this treatment, in fact, before they go to the range. You will ned the following:
Screwdriver (to remove the stock)
Sandpaper
Magic Marker (to loop the sandpaper around while sanding)
Polyurethane (to reseal the wood)
1. Use a dollar bill to determine where the stock and barrel tough. Normally it is only at the tip of the stock. You should be able to feed the bill under the barrel and out the other side below that point.
2. Remove the stock.
3. Loop the sandpaper around the Magic Marker and start sanding. I normally start with 80 or 100 grit.
4. After a little sanding put the stock in place and hold it there with one hand while trying to slip the dollar bill under the barrel. If you can run the bill down to the receiver you are done. If not, keep sanding.
5. Finish up with a finer grit if desired.
6. Take a rag and dip it in the polyurethane, then coat the bare wood. No need to get a brush dirty for this job.
7. Allow the polyurethane to dry, then reassemble. The dollar bill should still slide under the barrel to the receiver. If not, more sanding is in order.
Ive never had to resand after applying the polyurethane, but perhaps that is because I make sure the dollar bill slides freely the first time.
Floating a barrel should reduce stringing of shots, which is why I did it to my first centerfire in 81. Couldnt zero that rifle because the longer I shot the more the bullets impacted high and left. The wood stock was heating up and pushing the stock around. Even with cold barrels the the stock can push the barrel around as it absorbs or gives up moisture from the air or as the temperature changes. Floating the barrel fixes these problems.
But not without a cost. A floated barrel may actually shoot larger groups than one that is not floated the difference is that the floated barrel should eliminate stringing and place the groups in the same spot more consistently over time.
If a rifle still isnt accurate it may be necessary to bed the action and maybe the barrel. Never had to go there, though, to get the accuracy I wanted.