Front-end Editor plugin by scribu lets you make changes to your content directly from your site by double-clicking on it.
The new version of Front-end Editor (1.9.2), features:
Fully editable widgets
Previously, you could only edit widget titles and text widgets. Now you can edit any widget. You will see the same controls as on the widget management screen.
Custom Post Type Support: Front-end Editor can now handle any post type, not just posts and pages.
Configurable editor buttons: You can now add or remove buttons to the nicEdit panel from the settings page. Props go to lostingraphics.
Improved Overlay Compatibility: No matter what overlay script you use to display your images (Lightbox, Shutter etc.), double-clicking on thumbnails will just work.
Editable term descriptions
Plugin homepage: http://scribu.net/wordpress/front-end-editor