In order to create extended forms similar to Joomla articles, where there is one main description field, there should be a wizard so that we will be able to include the standard editor with a text area field, so that this field be edited thouroghly.
Example: If I want to create a form for events that includes a field 'event description', I would like to have the editor embedded for that text area field, so that I have all the features of editor available such as including links, images, styles etc.

Yes it is.

Not a wizard,

Rich Text datatype.