[lbolla]

IPython has this feature baked in the magic %ed command [1].

[1]: http://ipython.org/ipython-doc/dev/config/editors.html

[benatkin]

Yes, and to edit the last thing you typed, you can run %ed _. When you exit %ed it runs the code and then returns the code as a string.

[philipbjorge]

This is awesome! I really should learn iPython one of these days...