Yes. The following will do it in all major browsers, with an option to select the inserted content afterwards as requested in the comments (although this part is not implemented for IE <= 8):
Live demo: http://jsfiddle.net/bXsWQ/147/
Code:
function replaceSelection(html, selectInserted) {
var sel, range, fragment;
if (typeof window.getSelection != "undefined") {
// IE 9 and other non-IE browsers
sel = window.getSelection();
// Test that the Selection object contains at least one Range
if (sel.getRangeAt && sel.rangeCount) {
// Get the first Range (only Firefox supports more than one)
range = window.getSelection().getRangeAt(0);
range.deleteContents();
// Create a DocumentFragment to insert and populate it with HTML
// Need to test for the existence of range.createContextualFragment
// because it's non-standard and IE 9 does not support it
if (range.createContextualFragment) {
fragment = range.createContextualFragment(html);
} else {
// In IE 9 we need to use innerHTML of a temporary element
var div = document.createElement("div"), child;
div.innerHTML = html;
fragment = document.createDocumentFragment();
while ( (child = div.firstChild) ) {
fragment.appendChild(child);
}
}
var firstInsertedNode = fragment.firstChild;
var lastInsertedNode = fragment.lastChild;
range.insertNode(fragment);
if (selectInserted) {
if (firstInsertedNode) {
range.setStartBefore(firstInsertedNode);
range.setEndAfter(lastInsertedNode);
}
sel.removeAllRanges();
sel.addRange(range);
}
}
} else if (document.selection && document.selection.type != "Control") {
// IE 8 and below
range = document.selection.createRange();
range.pasteHTML(html);
}
}
Example:
replaceSelection('<span><font color="red">hoho</font></span>', true);