How do i validate data entered in a meta box so that only floats can be entered in a field?

Not shure if this isn´t a general php question…

Use the WP_Error Class.

// http://php.net/manual/de/function.is-float.php
// http://php.net/manual/de/function.is-int.php
// inside your save_post/update_post hooks callback function,
// just type cast to float. You could also do a check if it contains non numeric chars
// and then simply return;
$check = ! is_float( $value ) OR ! is_int( $value ) ? new WP_Error( 'wrong value', __(" I've fallen and can't get up", 'YOUR_TEXTDOMAIN_STRING' ), $value ) : $value;

At the end of your function, check if you got an error. To provide a meaningful error message, use jQuery:

if ( is_wp_error( $check ) )
{
    $code = $check->get_error_code();
    $msg = $check->get_error_message();
    // Maybe multiple? You'll have to loop through them
    $msgs = $check->get_error_messages();

    echo "<script type="text/javascript">
         var error="<div id=\"message\" class=\"updated below-h2\"><p><strong>{$code}</strong> {$msg}</p></div>";
         // Append the error
         jQuery( '#icon-edit' ).after( error );
    </script>";
}