Yes. It is quite simple and I hope my explanation will help you.
Go to your profile, where you will see your mems. Find the mem you want to edit, then click on the red words (above the mem itself), which will open the word page. On that page, below the word, there are two red tabs ("mems" and "discussions"). On your mem, when moving your "mouse" over the right side, a "blue pencil button" will appear. Click on it and you will be able to edit the mem.
Just a last note - you will be able to edit the mems but not delete them.
it used to be a lot easier, anywhere you saw your mem, you could hover your mouse over it, and get the little blue edit pencil. Not sure why they have made it so difficult to get to now, much prefered it as it used to be.