I was wondering if it was possible to be able to drag items in the taskbar and relocate them? Similar to how you can re-order tabs in Firefox. Can this be done at all?

shift + left click (drag) will do it.

Awesome! Thanks

Just make sure to click on the tasklist *button/background*, not on the task icon itself. Clicking the icon itself will initiate a drag & drop operation of the associated application instead (for instance, click & drag the tasklist icon of text document and you will be doing the equivalent of dragging a shortcut to Notepad - or whatever application is used to open text files in your system).