Here's the information I received from Bravenet Services regarding editing posts:

Member [JoanieBlon] June 27, 2007 09:19:59
Is there any way to allow participants posting on my forum to EDIT their posts? I've searched your data bases, but have not been able to find anything. Thanks.

Unfortunately this is currently not possible to do. We have e-mailed your inquiry as a suggestion to the appropriate department for review. We take all member suggestions seriously and rely on this in order to expand and improve our site and services.

Thank you for your patience.

So ~ for the time being ~ the answer is NO, posts cannot be edited.