I hate disagreeing with admins but I think editing your posts won't be a good idea. If you want to add something add a new post, and I think it's better if everyone can see everything has been written.
I still say that a lot of premature oops-posts can be avoided if: #1) that text/comment box was bigger #2) or, the submit button was located further away from the text/comment box
It would be nice if we had a 5 minute window of time to change our mind with the final submission of a thread topic. However I feel that once you have finally submitted your topic it shouldn't be allowed to be altered. I also can see the huge potential for abuse.
42maelstrom, what wajor59 meant (and others) is that once you submit your message, you have up to 5 minutes to go back and alter your post once you've already submitted it.
What is rather than a time limit, both versions of the post are shown? The original could be hidden by a spoiler box or something to that effect. That way the post can be edited at anytime, but the original text will always be there.
I'm not sure that we'd want to get into tracking the history of every forum post that gets an edit. I'd much rather work on a 5-minute edit window and then no changes can be made beyond that.
I agree, tracking all of the original posts would pose a problem. This may fall into the bucket of "you can't keep everyone happy." Because, on the flip side there are members that want to be able to update the original post. For instance, CRBWC 2010 needs to be updated periodically.