So you have seen levitation in action and want to create your own levitating toy. W. Wayt Gibbs has put together a piece to show you how to build your own levitating disco ball. This toy magnetically levitates a miniature disco ball and uses a programmable multicolor LED to create a kaleidoscopic night-light. A kit from Zeltom was needed to pull this off. For the mirror ball, a Christmas ornament was used with mirror tiles glued onto it.
You can find out more about the project on IEEE. The above video should also give you an idea how to approach doing something similar.