multiple users, one emacs - is it possible?

[Joe Corneli]

I'd like to use Emacs in a server-style application, where many
different users interact with the same process.  I'm assuming that all
of the users have log-in accounts on the same machine.  Is it possible
to do this?

The closest I've found to an answer is the suggestion by Pascal
in the thread "howto: 2 users interactively edit the same file ?",

http://lists.gnu.org/archive/html/help-gnu-emacs/2005-10/msg00842.html 

I haven't had a chance to try this -- but I am primarily interested in
a solution that doesn't involve/require X, and besides, I want Emacs
to be aware of each user as a distinct entity.

Any chance that emacsclient can be used by multiple users to access
the same emacs through a shell?  Or, if not emacsclient, can anyone
suggest some other solution?