Drupal editinplace.module README.txt
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The editinplace module will allow users to edit content in place. Approach:

* If a user has edit permissions, a new "edit in place" tab is rendered on the
  client between "view" and "edit" tabs.
* When user clicks the "edit in place" tab, content on the page gets an "edit"
  link next to it. E.g., the title of the node, the taxonomy term list, the 
  author information. etc.
* When user clicks the "edit" link, a progress bar appears in place of the 
  content in question while a form is loaded. The form has only the specific
  element (e.g, a textfield) along with cancel and submit buttons.
* On cancel, the form disappears and is replaced with the original element.
* On submit, a progress bar while the content is posted to the server. Then 
  the element is restored with its new value (and its 'edit' link).


Requirements
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This module is written for Drupal 4.7.