The simplest way is to add the following to your .bashrc.
_cooltool()
{
local cur=${COMP_WORDS[COMP_CWORD]}
COMPREPLY=( $(compgen -W "fooOption barOption" -- $cur) )
}
complete -F _cooltool cooltool
Whenever you type cooltool f[TAB][TAB], the _cooltool() function is invoked. It will work out what your current partial word is and then compgen will work out which options match. These are stored in an array called COMPREPLY which is then displayed. Look at man complete and man compgen for details.
For a nice tutorial check out: Writing your own Bash Completion Function