Displaying tooltip on mouse hover of a text

Question

I want to display a tooltip when the mouse hovers over a link in my custom rich edit control. Consider the following text:

We all sleep

Answer 1

For the sake of ease of use and understandability.

You can simply put a Tooltip anywhere on your form (from toolbox). You will then be given an options in the Properties of everything else in your form to determine what is displayed in that Tooltip (it reads something like "ToolTip on toolTip1"). Anytime you hover on an object, the text in that property will be displayed as a tooltip.

This does not cover custom on-the-fly tooltips like the original question is asking for. But I am leaving this here for others that do not need