Theoretically I can give you the answer to this, but someone more skilled than me is going to have to write the lisp I'm just a little to busy atm to figure it out for myself.
If nobody responds by tomorrow I'll hit the books and figure it out.
What needs to be done:
Write a function (font-big) which does this:
font-default-size = font-default-size+1`
Then re-evaluate all open buffers.
Then Bind the function to a key (define-key map [C-wheel-up] 'font-big)
Then do the same for (font-small).
I hope I get at least partial credits for the idea :)