If i drop two identical balls from different heights, will they hit the floor at the same time?

Dropped means let go, not tossed?

If you consider wind resistance, and weight of the material, and internal gas density, I could make it work. Or if I could toss the first one up in the air, that could work too.

No. One will always hit before the other.

If one is RED and the other is Blue, the Red one will hit first because Red is a faster color. We know this is true from Racing.

You mean, like from 1 foot vs 1 mile?

If the ball dropped from a higher height is thrown down with the right velocity compared to the second ball it's possible.  Dropped from rest and the height they fall is different, no.

Only if the floor is uneven and at a pitch that exactly matches the pitch of an imaginary line bisecting each ball.