Yes it's quite possible, problematic if you're loading it alongside the existing editor, but outside the post editor screen it's fairly simple..
wp_tiny_mce( false, $mce_config );
$mce_config should be an array of key=>value pairs that represent the configuation settings for the editor(tinymce) instance.
Config settings can be found here.
Or if you prefer, a brief write-up covering the key points can also be found here.
If you have problems implementing the code, let me know, i've used it in plugins page myself without a hitch.. ;)