Programmer Chevol Davis has come up with an Ajax script that provides an inline dictionary definition of any piece of HTML text. Check out the code and a demo at his site.
When the script is loaded, you can highlight any text on the page and right-click with your mouse to see a dictionary-style definition. It works and looks just like a standard Windows "Tooltip."
Running it out of the box will result in problems due to cross-site data calls not being allowed in Firefox. However, you can run the script with a local dictionary without any problems.
UPDATE: Chevol's site has been linked to by Digg and Slashdot today, so it might be loading slowly. Keep checking back.