Floating ToolStrip

Someone asked a similar question but the response pointed them to some code
from codeproject.com but that code is based on 1.1 or 1.0. I'm working with
..NET 2.0 so I was hoping there is an easier route to being able to support
floating ToolStrips. I am currently using ToolStrips and ToolStripPanels and
can get them to dock to Top, Left, Bottom, or Right in my form. Is there an
easy way to support floating ToolStrips? Would it be as easy as sinking some
events and on drop checking whether I'm outside the form and if so create a
tool window which contains a ToolStripPanel and drop it on there?
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Thanks,
Nick