If when you ask on your clarification "... I am wanting to know if someone can get hold of the internal process of the wrapped components and manually insert what they like into the "browser" portion of the application...." you mean '...another process running on your computer as the same user (lets say for example a malicious copy of WinZip)...' then YES it will be possible.
In windows there is NO separation between processes that belong to the same user, so if you have an application XYZ that contains an WebBrowser control, then another app (the malicious WinZip app) will be able to hook into that process and manipulate the contents of what you see on that WebBrowser.
(note that Vista/Windows 7 have added UAC (User Access Control) which I believe doesn't prevent this from happening)