How do I create an editable listbox with an in-place TextBox and Button?

[nandagopal]

The attached EditableList UserControl implements an editable listbox with an in-place TextBox and Button allowing users to directly edit the contents of the list box.

When the user clicks on a selected item, a textbox and a button is shown over the selected item and the user can directly edit the selected item text. The button can be programmed to show for example a OpenFileDialog to allow user to select a file (useful while implementing a Files list).