She floats back again with nothing on (5)
I believe the answer is:
liner
'nothing on' is the definition.
I can't judge whether this defines the answer.
'she floats back again' is the wordplay.
'she floats' becomes 'lin' (I can't explain this - if you can you should give a lot more credence to this answer).
'back' says the letters should be written in reverse.
'again' becomes 're'.
're' back-to-front is 'er'.
'lin'+'er'='LINER'
'with' acts as a link.
Can you help me to learn more?
(Other definitions for liner that I've seen before include "Cosmetic; fine paintbrush" , "Passenger ship - bin bag" , "Removable inner skin or large passenger ship" , "eg QE2" , "Cosmetic item - Titanic, for example" .)