http://answers.yahoo.com/question/index?qid=20060610130653AAvt0DM
I googled it because I don't have a spare bone lying about to check for real. That is what the link above is.
The bone density is 1.7g/cm 3,
The water density is 1g/cm 3, (to 1 or even 2 significant figures : 0.99821)
the bone is quite a lot denser than water so normally I think it would sink.
It can only float is it is the right shape to promote bouyancy.
The articals I read said that human bones do float but I think they may have been refering to salt water which is denser.