Is it possible to provide content editor ability to create sortable table? I know how to create a sortable table using 

theme('table', $headers, $rows) 


but is it possible to create a functionality so that a content creator can create a sortable table inside a content.
For example creating a sortable table inside a node.
You can use TableField module to create table that is a real html table. Sorting is currently unsupported, sadly, although it would be wonderful.

If all you need is sorting on display, you can create a patch or your own module, and implement one of the jQuery plugins for sorting. Personally I found tablesorter to work pretty OK.