The main problem with a word list is that every post containing the banned word will be blocked/deleted, even if the post is perfectly innocent, like
- He was a sex offender and was jailed for the next ten years
- My Bulldog bitch had three babies yesterday, and they are lovely
- When speaking about heart disease, Viagra could be a good med to help your blood be more liquid and thus save your life
And won't block post like - so beautifuly - written by peas_and_corn... Do you have a previous experience in that field ?

(everybody can think of many other examples from their Inbox)
I know this means more work for the mods... I'm sorry about that (and believe me, I know what I'm saying, I have also a personal site to take care of with me wife), but why not trying to have more mods by forum, at least two (one US time, one Europe time) ?
Or you can try to use a script (or plugin) which will compare words in the post with those in the link (for instance, *sex* in the post AND in a link), but I don't know if such a script exist...or maybe something like:
- activating email verification:
[Any Version] How to Reduce Spam and Registration Bots - vBulletin Community Forum
- queuing the suspected post - need to be approved by a mod:
Prevent Spam Posts - Page 3 - vBulletin.org Forum
Just my two cents
BTW with a word blocker, this post would have been deleted...
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