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Sure, some USB devices come with an USB to serial driver which emulates a serial port. To find out what serial port has to be used, just start the demo applications, and have a look which serial ports are detected. If there are multiple ports, you can have a look at the device manager from the control panel, to find out which COM port number is used.
This also applies to Bluetooth, Compact Flash and PCMCIA GPS devices, as long as they support the NMEA protocol.
Some Garmin devices do not have such a driver, but come with there own driver supporting the Garmin PVT protocol. Such devices will be supported from GPS Toolkit version 2.4.