Yes it's possible!
Check out
http://helene.muze.nl/
This is one of the coolest tools I've ever seen. Wouldn't it be nice if we could add this to the chunk, plugin, template adn snippet editors?
I think it would also be cool if we could merge this tool with the richtext editors to easily switch to source view when needed.
What do you all think?
Wow, that looks awesome, especially for snippets. 
Agreed; once I get the latest TinyMCE and FCKEditor working for content, TV's, and TV RichText controls, I can take a look at this as well...
I've got the latest TinyMCE working fine for content, but I'm struggling with the TV integration points, as they are much more complicated, and I'm not familiar enough with TV's yet to really know what I'm trying to accomplish with some of the TV/editor code.
The TVs don't use TinyMCE they use HTMLArea. What is needed is a RichText input control that allows the user to select the type of editor to use.
Hmmm, well they do in my branch now ;-) And I made the dropdown allow selection of TinyMCE or FCKEditor -- though FCKEditor is not yet ready for use.
Cool!
One thing about TinyMCE are the toolbars at the top or bottom? I don't like it when it's at the bottom. If it's at the bottom could there be an option in the manager to set the position of the toolbar?
Thanks
They are at the bottom. Not sure if it's a config option or just part of the selected theme. I'll investigate and add that option if it is... or if it is tied to the themes, a way to select alternative themes.
Check out this example:
http://tinymce.moxiecode.com/example_full.php?example=true
I think it should default to since a lot of users are use to HTMLArea's top menubar and now that HMTLarea it not there anymore. An optional show toolbar at bottom could be added to the manager