In vector 7.0 I recall having some issue getting the floppy drive to work...think udisks was required try this in terminal
udisks --mount /dev/fd0 and udisks --unmount /dev/fd0.
As I recall I used the xfe file manager and fluxbox and used the following toggles
udisks --mount /dev/fd0 & xfe /mnt/floppy
udisks --unmount /dev/fd0 & killall xfe
have a look here at the bottom for thunarhttp://forum.vectorlinux.com/index.php?topic=16754.0
Im using the current rc for vector 7.1 and have a floppy drive. There is an icon on the desktop and if I insert a floppy and double click the icon, it opens the file manager and shows me the content..I can then right click the icon and eject or unmount. or can mount unmount in the file manager. I am not sure if auto detecting at insertion is possible..floppy is rather dated and I am happy with the current availability out of the box. I did not have to do anything but use it.