How about some sort of "Outbox" that would store any Discussion Board posts that have not yet been viewed or approved by a moderator?  This way you don't have to wait until the post has been approved to go back and edit it.

It could also serve as a sort of Preview of your post which I think has also been requested before.

Reiscussion Board "Outbox"

Interesting, I have never seen anything like that on a message board software. I can see that it would be VERY difficult to add that feature to the site though.  

-- Staff