There isn't a widget (as far as I know, other than somebody's custom control somewhere) for directly representing many-to-many connections in a GUI form, if that's what you're after.
But your second question sounds like you're after the more common situation, where you have items that will be part of a many-many relationship, but you're adding them one at a time, so at any given time you're only needing to related your one new item to n items on the other side.
If this is all you need, it's easy enough: just use a multi select. You'll still need some way to add items to the select if the related item isn't already there; this can be as simple as linking to an ADD page, or as complicated as lots of fancy javascript to keep the user from needing to "leave" the current page.