Ahhhh,
Another one that loves plants, COOL All of the dracaena family can be propagated by air layering. My first suggestion is carefully check the bottom of the plants container, and I do mean the bottom. Sounds like you have a case of root rot going there, and it will move into your main trunk and show itself by juicing up and rotting the trunk. Soft is NOT good.
To air layer, you want to fill this check list;
1. Some plastic wrap (saran wrap) will work.
2. Spagnum moss (coarse)
3. Heavy thread
4. A sharp knife
Support your plant so it does not fall over, above the soil level, (but still low), find a suitable site to make a single cut into the trunk approx. 1/4 of the way through. Carefully fill this cut with the moss and spray it with distilled water. Cover this cut/moss with the plastic wrap and tie the thread around to secure the plastic in place. Leave an opening in the top of the plastic to allow yourself to water the moss, and an similar opening at the bottom of the plastic to allow for any water run-off. Smell the site every so often to make certain you aren't starting to rot there. It can often take several weeks to get some roots going, but when they do, and you have a good amount of rooting, then carefully cut about 1 inch below the new roots. You can then place the entire top section into a new container.
The lower section that has the new shoot should then be pulled, leaveing as much of the dirt as possible on the rootball. Trim away any rotted parts of the plant, and give the new shoot a good home.
The three cardinal sins with plants are;
1. Over-watering
2. Over fertilizing
3. Not enough Light
Following that, is the rest of where we goof it up.
1. Over-crowded roots
2. Handling and moving the plant too much *
3. Placing the plant in a bad location, (drafts, and injuries)
* Never turn a plant more than a 1/4 turn per photo period, (each day).
If you like dracaena's you might also like the [SIZE=-1]Dieffenbachia. It sometimes goes by the knickname The Dumb cane Plant as the plant is poisenous, but only if it is ingested or if you get the sap on your tongue, it will cause a temporary paralysis to the tongue, and one can choke to death if the tongue swells up. Don't play silly with it. They do get big, and if you over water it will sweat the water out through it's leaves, also it gets tall and over six feet it has a tendancy to fall over.
[/SIZE]Hope this helps you,
smoke in peace
KingKahuuna