Hi Curious, the MoI UI is designed mostly to avoid tons of floating separate windows so no there isn't a built in way to undock tool palettes into separate floating windows. But like Brian mentions above it is possible to reconfigure the palette arrangement in the side pane so that each one is in its own individual section. There's a startup script for v4 that you can use for that here:
http://moi3d.com/forum/index.php?webtag=MOI&msg=9439.3

- Michael