There have been so many things written in this thread that are incorrect that it makes my head hurt.
First to answer the question of the OP. Yes, you are right, that what Todd66 called an "air dribble" is illegal. He is not correct when saying that it is legal. Case Book play 4.15.4 Situation E specifies this. (BTW, Adam, please note that this is NOT traveling. It is an illegal dribble.)
4.15.4 SITUATION E: (a) A1 tosses the ball from one hand to the other while keeping his/her pivot foot in contact with the floor; or (b) A1 throws the ball over the head of B1 and then takes several steps before catching it. RULING: Legal in (a), but an illegal dribble violation in (b). In (b), since the ball did not touch the floor, the tossing and subsequent catch is an illegal dribble. (9-5)
For your bounce pass scenario all that you need to see is this NFHS interp from a couple of seasons ago.
2003-04 NFHS BASKETBALL RULES INTERPRETATIONS
SITUATION 6: A1 jumps from the floor and secures a defensive re-bound. A1 then pivots toward the sideline where a teammate, A2, is standing for an outlet pass. Just as A1 releases the pass, A2 turns and runs down the court. A1 throws a soft bounce pass to where A2 was standing. A1 then moves and secures the ball without dribbling.
RULING:
Legal action. A1 had the pivot foot on the floor and began a dribble by throwing the ball to the floor (the bounce pass); the dribble ended when A1 secured the ball. Upon reaching the ball, A1 also could have continued the dribble. (4-15-3,4)