Advanced Karma system

A system, where only moderators and administrators at the start can reach out karmapoints to user. User post status will be replaced by karma points status. The more Karma points a user received, the more things a user has right for. On a certain amount of Karma, users should be able to give Karma to others aswell and get more rights on the forum etc.

Is this is a possible option? Its better users to farm "karma" for good behavior, than farming posts to make a spam attack.