You will not be able to accomplish this with no code. It will require modification of the ecb menu and a customized listview control to allow for in place editing.
There may be some third party controls that have this bulit in but I'm not aware of any.
In 2010 though the edit page is displayed as a modal dialog so you are not navigating away from the current page. Why is this not acceptable?
Failure is not an option; it's the default selection.
This is possible to do a "no code" solution, but it would probably be a lot of work. You could use SharePoints web services and JavaScript/JQuery to accomplish this. I would suggest using the content query web part to get the list to show on the page. Then after that you JQuery to allow the user to select rows they wish to modify and autopopulate a form (built in HTML or JQuery) with a submit button. When the user presses the submit button call the web service to update or add an item. You could also use JQuery to insert a delete button next to the items in the content query web part so when the user presses a delete button it will call a web service to remove the item from the list. If you do use the content query web part another approach would be to manipulate the item.xsl to automatically render a delete button for you. You could also manipulate other xsl files to create the form and submit buttons. You do have some options to choose from but I do think it is possible. Check this link out.
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