Yes it's possible, helper
option accept a function:
A function that will return a DOMElement to use while dragging.
here you can check if the CTRL is pressed and act accordingly, keep in mind to return a jQuery/DOM element.
Code:
$(function () {
$("#draggable").draggable({
helper: function (evt) {
return !evt.ctrlKey ? $(this) : $("<div>Demooooooo</div>");
}
});
});