I am looking for a community moderated way of managing/eliminating spam and offensive content. Functionality similar to StackOverflow and many other sites seems like a good way to go.

Although I'm sure this could greatly vary based on specific needs, I am curious about the backend mechanism/algorithm --that is, has anyone had success using something like "3 strikes and you're out" -- the flagged post is automatically closed/deleted after 3 reports by users with the required credentials. Would something like this likely be effective or would it require a more complex solution to ensure honesty and effectiveness.

Any thoughts / experiences would be great