1. A floating paddle for use while swimming, boating and the like, said paddle including: (a) a main body member of buoyant material and formed with a through passageway; (b) a pair of paddle members of substantially like configuration and of buoyant material each having a shank portion whose ends and adjacent portions are sized to slidably enter and be retained in the through passageway provided in the main body member; (c) latching means cooperatively formed on each of the shank ends of paddles, said latching means includes a male projection portion formed on the end of one paddle shank, said male projection portion having a rectangular cross section having at least two sloped sides which taper slightly toward the distal end, the projection terminating on one side at its inner end with a formed undercut; the other paddle shank having its distal end formed with a Ushaped projection which includes one leg adapted to mate with one of the sloped sides of the male tapered projection of the shank end of the other paddle and with the other projection portion of the U-shape having a hook-like projection adapted to engage the opposite sloped side of the male tapered projection until full engagement of the ends is achieved whereat the hook-like portion enters the undercut in the other shank member end to achieve an interlock of the paddle shanks within the through passageway of the paddle body member, and (d) retaining means cooperatively formed on said shank portions of the paddles and the main body to establish and maintain said body at a determined linear position on said shank portions as and after the paddles are brought into interlocked condition.

2. The method of forming and assembling a floating paddle for use in swimming, boating and the like, said method including the steps of: (a) forming a main body of buoyant material and substantially axially therethrough a passageway of determined size and configuration: (b) forming a pair of paddle members of substantially like configuration and of buoyant material, each paddle formed with a shank portion whose end and adjacent portions are formed to slidably enter and be retained in the passageway through the main body; (c) forming the ends of the shanks of the paddles to provide cooperative latching and interlocking means on each shank end, the achieved interlock occurring when the ends are fully inserted into the passageway of the float body, said forming of a latching means on each of the ends of the paddles further including forming a male projection portion on the end of one paddle shank, said male projection portion formed with a rectangular cross section having at least two sloped sides which taper slightly toward the distal end and in one of the sides of the projection and at its inner end forming an undercut and forming the other paddle shank with its distal end having a U-shaped projection which includes one leg adapted to mate with one of the sloped sides of the male tapered projection on the other paddle shank end and forming the other projection portion of the U-shape with a hook-like projection disposed to engage the opposite sloped side until full engagement is achieved whereat the hook-like portion enters the undercut in the other shank member end to achieve an interlock of the paddle shanks within the through passageway of the paddle body member, and (d) forming a retaining means on the shank portions of the paddle, said retaining means cooperating with the passageway and the float body to establish and maintain said body at a determined linear position on said shank portions as and when the paddles are in interlocked condition.