Doing the basic skeletal animation would be... perhaps not easy, but it could be accomplished. however, as others have said, COH runs on many levels. a basic "game engine" which controls the ver-all rules of the world and shapes of the beings in it. then on top of that, is a physics engine. that controls the water, the capes, whether or not you can affect gravity, the ragdoll physics, etc. On top of that are yet more layers of code controlling things such as mob propagation rules, aggro rules, door instances and dialogue timing... and none of that takes into account the layer that controls accounts functionality so that you don't suddenly log in as someone eles's character or on the chinese language server.
in the end you're talking about trying to replace the base layer of a large and complex software ecosystem which saw nine odd years of tweaks and additions. Hence the Spaghetti metaphor. it literally would take less effort to just build an entirely new game, which is what people are doing.