It's rather hard to get a light to float.
For it to float, it has to be less dense than water.
Water: 1000kg/m³
Aluminum: 2700kg/m³
Magnesium: 1700kg/m³
Energizer AA Lithium: 1800kg/m³
Air: 1.2kg/m³
(all values are only approximative)
So the problem is: the lightest-weight metal commonly in use in flashlights, aluminum, is several times as dense as water. Magnesium, which could be used too, isn't that great either.
You'll have to counteract the weight of the flashlight and batteries with something lighter than water, and Air being the most obvious choice. There's air around the reflector, but not in any big quantities.
I'm randomly picking the Quark Mini AA. It's small, thus it has to be quite lightweight.
Mini AA dimensions (unfortunately, 4sevens uses non-SI based units, so there may be some error due to the conversion):
Weight: 19g
Diameter: 1.8cm
Length: 7.6cm
V=(d/2)²*pi*l
V=(0.009m)²*pi*0.076m
V=0.0000193m³
Density is defined as kg/m³
We get:
0.019kg/0.0000193m³
which gives just under 1000kg/m³
So, the
Quark Mini AA will float!
Unfortunately, that's without batteries...
An Energizer AA Lithium weighs 14.5g, which would bring the total weight up to about 33.5g
0.0335kg/0.0000193m³ is about 1700kg/m³
With batteries it'll sink like a rock.
The conclusion? Seeing that such a tiny flashlight with minimal wall thickness will sink, the conclusion seems to be that you'd have to purpose-build a light with extra air tanks to bring the density under 1000kg/m³
Would be interesting to hear what Gerber light this rumor was about.