It's a reference to the Stephen King novel "It".
The evil clown, Pennywise, lures kids into the sewers with balloons and asks them if they wanna float - as in, float like balloons or, once he's got them in his clutches, like dead things.
It's a VERY creepy book, and Ebenezer is going to have to live with the nightmares poor Snooch has after reading it. Either that or - since in the book the kids actually DO conquer their fear of spiders and clowns - Snooch is going to go the same route and Ebenezer will have created a monster (can you imagine a Snooch who's ruthless, evil, AND dumber than a bag of hammers?). Which would be really ironic, for something based on a Stephen King novel!