Yes, but rarely and as a metaphor (floated proposals).
It is the past tense and past participle of to float, so it is usually a verb.
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Cautious IS an adjective. An adjective is an action!
The word "it" is not an adjective (it is a pronoun). A word is an adjective if it modifies (defines, characterizes) a noun or pronoun. The big tent - big is an adjective He is tall - tall is an adjective This key - this (while arguably called a determiner) is a demonstrative adjective
probable is an adjective
Stable is an adjective.
Severe is an adjective.