It certainly should be possible, but you have some decisions to make
in the process. First of all, you need to decide which of MathJax's
input formats you will be using -- this will actually become an
intermediate format, between the WYSIWYG editor and MathJax. For
LaTeX as the input format, there are lots of online WYSIWYG LaTeX
editors, such as DragMath (which is implemented as a Java applet):
http://www.dragmath.bham.ac.uk/demo.html
I suspect that editors such as this one:
http://www.codecogs.com/latex/eqneditor.php
aren't really what you are looking for -- this gives a button-based
editor which generates LaTeX, and shows the output, but isn't really
WYSIWYG. There are also lots of editors which run independently, so
don't embed in a web page, such as MathType from Design Science. You
might also want to look at Lyx, but it probably does more than you
need.
There are also online editors for MathML and ASCIImath, the other two
input methods for MathJax v2.0 (ASCIImath input is new in MathJax
v2.0). I turned up quite a few editors for all of the input formats
with Google searches.
The problem with all of these editors is getting the output from the
editor into MathJax. The editor may or may not have a way to do that
in JavaScript -- if it does, then you should be able to set up
JavaScript calls to get the LaTeX output from the editor into your
page (more specifically, into the DOM) and call the MathJax
typesetting routine to process it. What you do is going to depend
very much on which editor you choose.