OK. Here's the scoop on a floating vs. non floating rear end.
On a floating rear end (8.8 ford or chevy 1/2 ton) the axles are held in by c-clips. These retaining clips are on the inboard end of the axle (at the differential). If the axle breaks there is nothing to hold it in the housing and you will loose the axle and wheel and tire. Look at the last picture and you'll see where the clip goes onto the end of the axle to retain it.
http://members.cox.net/quanno/ford88.html
On a non floating rear end (Ford 9" or Dana 60) the axles are held in by a retaining plate outside of the wheel bearing. There are four bolts that retain the axle. If you break an axle you loose nothing. That's why these rear ends are so popular with the drag racing and off road crowds. Look at this picture and you'll see the retaining flange and bolts that hold the axle in. Much stronger!!
Rear Shaft pictures from cars photos on webshots
Chris