Hi,
Generally speaking, code that does not use any functionality provided by TestComplete, can be used without it. (The question is that you barely need TC in this case.)
If your code uses any functionality provided by TC (tested application launch, search for UI elements, actions over found elements, etc.) than you need TC to execute such code.
And no, generated or manually created code can not be converted into any sort of standalone executable that can be executed without TestComplete or TestExecute (which is TestComplete's runtime engine).