WOW this is awesome. Eighteen-year-old Chris Rieger, an engineering student at Australia's University of Queensland, has developed a wireless LED light that floats. The damn thing levitates, it's not physically connected to anything. Before I go any further, you must have a look:
So how does it work? The short answer is magnets; the long, scientific answer with supporting links is here.
For inspiration Rieger credits the work of the Discovery Channel's Jeff Lieberman, the pioneer who did something similar in the mid-2000s and paved the way for others to improve upon it; the levitation work of mad scientist and tinkerer Eirik Taylor; and the wireless power transfer work of a Croatian tinkerer going by the handle Marko.