/summon Item ~ ~2 ~ {CustomName:"CUSTOM NAME FOR YOUR ITEM",CustomNameVisible:true,PickupDelay:32767,Age:-32768,Item:{id:*TYPE THE ITEM ID YOU WANT*},Riding:{id:"ArmorStand",NoGravity:true,Invisible:1,Invulnerable:1}}

Thanks for the tip but with updated version of minecraft you can do it differently (at least in 1.11.2)
Using mcstacker I used this :

/summon item ~0 ~1 ~0 {CustomName:"Type a text here",CustomNameVisible:1,NoGravity:1b,Item:{id:id_of_an_item,Count:1b},Age:-32768,Health:200,PickupDelay:32767}

(this don't need an armor stand anymore)

its not working, if i try to change the block, i jut get stone... is this command for 1.8 or something?

When I was doing this, i didn't know what to put in for items that had a block id like 0038/1 because if I put in the /1 it wouldn't spawn but if I took it out it would spawn whatever 0038 was. Can someone help me fix this??

icraZzMC U R AWESOME :D

iCraZzMC can you change the colour of the text ????

its possible a flying skull and turns ?