Allow members to edit comments. Possible?

smoigecom

I was wondering if anybody ever tried allowing members to edit each other's comments. I want to allow users to edit other comments but only with the permission from the user that initiated the comment. Something like a notification in the user profile: xxx has made the following changes to your comment. Allow? Y/N. I'm not sure if this can be done or where to start so any advice is welcomed.

Thank you