Is there a way to set a time limit that a user can edit a reply on a post?  Also, a way to restrict users from deleting their own post would be nice.

For example, they have 1 minute to edit, then after that they can't edit and must post new post.

I see this on a lot of sites and I think it's a good feature.  When a discussion is going on and someone goes back and edit/delete their own content it affects the discussion.

Some people don't like this setting, others do.  Therefore, if each admin had the way to control it on their own site it would be good.