A floating floor system and a floor panel and method for use with the same that includes a snap-fit locking assembly that provides vertical locking between adjacent floor panels to minimize and/or prevent ledging therebetween. In one embodiment, a protuberance and a recess are also provide on the floor panels to provide horizontal locking. The snap-fit locking assembly comprises: a locking member protruding from a first flange and comprising an undercut surface; and a locking slot formed in a second flange. The snap-fit locking assembly is configured so that when the locking member of a first one of the panels is disposed within the locking slot of a second one of the panels, the first and second panels are vertically locked together via mechanical interaction between the undercut surface of the locking member of the first panel and a locking surface of the second flange of the second panel.