TOPIC: New Field with Field Type as Lookup Field?

Is it possible to have the field type as Lookup, and fetch dropdown from another table/column within the database?

We need to add a list of catering vendors to choose from in a new field (Event Vendor). We have a separate table where we maintain vendor information like services, contact info. etc. We would like to prevent duplication and have the drop-down populate from that list, since vendors are constantly being added/removed. We dont want to maintain and update two lists (table and dtregister).

Please advise.