bash/readline emacs mode help

[C K Kashyap]

Hi,

In bash (I presume, this really comes from readline implementation), I can
set the input mode to vi saying set -o vi
One of the things I get with this mode is the ability to open up vi to edit
a command line (using Escape v) - This is particularly useful if I have to
change "slashes" in a path.

I was wondering if there is an equivalent in emacs mode?

Regards,
Kashyap