Entity metadata wrapper, get field collection in field collection
Yes it is possible. Let's say you have a content type with a field collection named field_collection_parent, which has a field collection in it named field_collection_child, which has a field in it named field_child.

// First you need to wrap the node with entity_metadata_wrapper
$node_wrapper = entity_metadata_wrapper('node', $node);

// To get the value of field_child:
$value = $node_wrapper
           -&gt;field_collection_parent
           -&gt;field_collection_child
           -&gt;field_child
           -&gt;value();

// UPDATE: If a field accepts multiple values, treat it like an array
// The following line would get the first value of field_collection_child in the 
// first field_collection_parent.
$value = $node_wrapper
           -&gt;field_collection_parent[0]
           -&gt;field_collection_child[0]
           -&gt;value();

// To set/modify the value of field_child
$node_wrapper
  -&gt;field_collection_parent
  -&gt;field_collection_child
  -&gt;field_child
  -&gt;set('Some new value');

// To save the node after modifying
$node_wrapper-&gt;save();