Using Silverlight to develop web video editor in ASP.NET

I need to develop an online video editor with ASP.NET that supports the basic functionalities of video editing like cutting, combining, reordering videos and adding effects or transitions on the timeline. I googled it and found this. After reading it I got informed that silverlight may be a good solution. So I searched further about silverlight and found this application which I think is a very good work and is very useful for developing my application. Now I'm thinking about modifying and transforming it into an ASP.Net web application. Is it possible?