Is $\mathbb{Z}[\frac{1}{p}]=\{\sum_{i=0}^n \frac{a_i}{p^i} : a_i\in \mathbb{Z}, n \in \mathbb{N}\cup\{0\}\}$ projective for any fixed prime $p$?
I don't know how you would go about proving this. Can we simple say $\{1, p^{-1}, p^{-2}, \dots \}$ is a basis so that $\mathbb{Z}[\frac{1}{p}]$ is free over $\mathbb{Z}$?
No. If it were projective, it would actually free, and no two elements of $\mathbf Z\biggl[\dfrac1p\biggr]$ are linearly independent.
Indeed two elements can be written as $x=\dfrac a{p^r}$, $y=\dfrac b{p^s}$ and $$bp^r\cdot x-ap^s\cdot y=0.$$ Thus if $\mathbf Z\biggl[\dfrac1p\biggr]$ is free, it has rank $1$, so that $\mathbf Z\biggl[\dfrac1p\biggr]=\mathbf Z$, and $p$ is a unit in $\mathbf Z$. That would be great news.
Edit: The same kind of argument shows no ring of fractions of an integral domain $R$ can be a free $R$-module.