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You mean like Drag Lock? Its in the Touchpad Preference Pane.

Drag lock as in I click on any item and instead of having to hold the tracpad or mouse I just click once and it will start dragging then put the item where I want it to be placed and then un-drag. Sorry I am not sure how to word this right I tried my best.
 
Drag lock as in I click on any item and instead of having to hold the tracpad or mouse I just click once and it will start dragging then put the item where I want it to be placed and then un-drag. Sorry I am not sure how to word this right I tried my best.

Have you checked System Preferences > Trackpad > Drag Lock yet?
 
Here is drag lock
 

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