Is is possible to animate an individual face/edge/vertex?

Support Animation and Rigging
1

Title basically says it all. If so, how? If not, are there any workarounds?

2

Shapekeys http://wiki.blender.org/index.php/Doc:2.6/Manual/Animation/Techs/Shape/Shape_Keys
or
Assign a Hook to a vertex of edge or face and animate the hook