Project Budget Calculator Form

Is it possible to create a form where there is a pre-populated list of item names with a field next to each for the visitor to input a dollar amount with a self generating total at the bottom? This would be used for a project budget calculator that visitors could refine the values of the different components until they were under budget. It would be even better if they were able to save it and return later and make adjustments.

It appears that I could add a bunch of products with a value of $1, and the user could adjust the quantities to cheat the form to output their product value.
Is this at all possible without a bunch of trickery?

Thanks !

I would really love the ability to have the functionality for a budget tracker as described by masnart39 and also the ability for each user to be able to add their own items and remove the preset ones.

I'd be looking to use this for each member in their buddypress profile as a way to track the costs of an event. Somehow I would create the form as a template with prefilled items and when a new member signs up it would appear in their profile. They would then be able to tweak it from the front end as they wish. Is this at all possible or I am I dreaming?