Is it possible to create an armature from a mesh and connect the mesh to the armature? How? I want a wavy mesh to be stretched when I move vertecies.
Is it possible to create an armature from a mesh and connect the mesh to the armature?
Make mesh with skin modifier http://wiki.blender.org/index.php/Dev:Ref/Release_Notes/2.64/Skin_Modifier
Note that since you have been very vague with your question, it’s not possible to give you a specific solution to what you actually want to achieve.
This is not really what I look for. I want to turn each selected edge in an existing mesh into a bone, or in any other way add constraint on edge length.
Liero wrote a script to do just that. You’ll have to search for it.
Anyone who knows the name of this script? Note: I do not want to create bones inside mesh loops. I want one edge to one bone.
early versions of script did that, now just separate edges and use skin modifier as Richard Marklew sugested
I think I know what your after
but a bone for every edge is overkill, sorting it all out would give me a headache!!
8 bones should give you 3 folds with room to spare(every extra fold needs 2 more bones)
hope that helps
will do a sketch or something if you need clarification but have to be (my) morning the meds are kicking in now 
lol
To make it work, I also need to create a bone polygon since my mesh is a closed cylinder whose radius is at largest when all bones are not in zig-zag. Is it possible to connect the last bone to the first?
Placing armature on an edge is simple. Just use snap to 3D curser feature to snap the root and tip of armature to the edge vertex.
Is it possible to connect the last bone to the first?
You can place the tip of last bone to the first bone base. But it will not connect. Tip bone can not move the first bone in pose mode. You can try to follow base bone by tip bone by using Empty at the base with appropriate constraints.