Is it possible

I am not a scientist, but I think I can firmly answer no to your question if what you mean by "life" is life as we know it. If the orbiting moon was close enough to be within the life sustaining portion of the atmosphere, the atmospheric friction would make it impossible to maintain enough speed to remain in orbit.

Larry Niven, a science fiction author with graduate degrees in mathematics & physics, writes stories that have a basis in scientific reality with the environment as a central plot element. He has played with the idea of an inhabitable gas torus as a setting for The Intregral Trees and its sequel, the The Smoke Ring.

Rap

The particular combination you describe is not possible.

However, you might have two planets of similar size orbiting each other with a la grange point between them with some object (like a floating mountain) stabilized within the point. The planets would also have to share an atmosphere which would be a little bit tricky and might imply a lot of turbulence.

I have no idea how "habitable" such a system might be.