Yes, you can however, you need to create the actual floating tool windows and that can be done with a borderless form instructed to be shown on top and it should monitor the Keyboard and mouse input too, for off screen clicks or ESC key to auto close it like a menu would be etc.
You can use the OnConText event of the TToolButton to launch that window.
You need to make that floating window with another form, design it and set it for non-visible when program starts up.
Jamie