yes, after 5 minutes could do it. If you want to know for shure, throw a useless item on the ground (potion or so) and leave.
Immediatly rejoin, and look if it is still there, if so, your good 2 go <img src="/ubbthreads/images/graemlins/biggrin.gif" alt="" />
1 warning for everyone though: as you might have seen for yourself, with patch 1.10 it has become more difficult to create and join games.
If you really have bad luck, the game will say : unable to join game, and that will mean you have lost your item.. <img src="/ubbthreads/images/graemlins/disagree.gif" alt="" />
So watch out. I'd really suggest you use someone you thrust.
Mslynx has helped me one day iirc <img src="/ubbthreads/images/graemlins/smile.gif" alt="" /> Thx again girl <img src="/ubbthreads/images/graemlins/smile.gif" alt="" />