When over encumbered, and if there is not a strength potion or horse nearby, open your "Items" menu and find the heaviest item you are carrying. Drop that item and center the crosshair over the dropped item. Make sure to be within reach or sight so that the item's name appears on-screen. Hold [Action] until the item's name is removed from the screen. The item will now levitate and move in correspondence with the camera. Note: This is easier to do in first-person view. Thus the item can be "carried" in real time while not adding to your overall carry weight. This is useful if you have an item that, if removed, would unhinder your movement but cannot be parted with. Fast travelling, jumping or running over rough terrain, and sudden camera interactions will disrupt the "levitation".