As far as I know, it should be possible.
I think a simple way would be to use an iframe to embed the editor into the page.
But doing this will take away some functionality, the HTML editor still does not have the capability to embed a file or smileys. You will also lose your ability to directly edit the HTML ( if when you embed you make the text area hidden).
You will also have to custom edit the code every time there is a new version released.
Just some things to consider....
But I do see your point about it making it easier for the users.