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We've gotten this request before. We have historically said no, because we want the replies to reflect the accurate progression of the conversation. Although, we have toyed with the idea of allowing you a 15 second window to edit your reply, or something similar.
More than often I write a really long answer and then once I post it I reread it and find one silly mistake. Its confusing to say on line x there is a mistake and its quite frustrating to copy and paste the answer since it contains latex. An edit option would make our lives much easier. :)
15 seconds is too short, something like 1 min would be good, I usually notice a mistake in a response, and then i have to delete it and rewrite it..
Maybe make the timing unlimited, but so that you can only edit your response once or twice, i think once should be enough. And also notify the asker/other responders, saying that some_person edited his response on question_whatever, you know, like you do with someone replied to this post.