Something I really don't like is that the rules for cover don't account for height as I can find. If you drop a sword and decide its an obstacle (about as plausible as deciding an ally is an obstacle imo) then it grants you cover.
The rules don't address 3D combat. However, 4E is not a computer game that is easily fooled by such a silly exploit. It is run by a DM, and no reasonable DM is going to say that a sword on the ground is going to provide cover to anyone, with the possible exception of if the sword is dropped between 2 combatants that are 3 inches tall.
Though 3D isn't explicitly covered, a DM can very reasonably adapt the 2D rules to a 3rd Dimension.
*Usually* (and I emphasize "usually" in an attempt to ward off some atypical crazy exception someone might want to argue), again, *usually* ranged attacks from a medium creature are going to originate from within a 5' cube that the player *roughly* occupies (even if their head does poke out of it).
So, imagine that cube, pick a corner of that cube, and draw imaginary lines to the corners of the target's cube. If you have line of effect, then you have cover if up to half (1 to 4) of the corners are blocked and superior cover if more than half (5 to 8). Both 2D and 3D follow the basic rule that if half or less of the lines are obstructed then you have cover, and if more than half are obstructed then you have superior cover.
If you can visualize the 3D space, then I think the rule works fairly well. If this is too complex to visualize (and some people are more spatially minded than others) then just use the best guess and judgment of the DM (which is the default "rule" anyway).
Either of those 2 methods would completely rule out something as silly as trying to hide behind a discarded sword on the floor...