Jeditable

You might also want to check custom inputs demo.

Normal textarea

fasdfasdf WTF?34

Inlined select

Edit me! dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh D euismod tincidunt ut laoreet dolore magna aliquam erat volutp

Textile renderer

Different events

Click me if you dare! or maybe you should doubleclick instead? Really lazy people can just mouseover me...