I hope you can get HOTEDITOR to work with this...
That would be cool 
It won't be able to mimic the VB look though...
Nope. That WYSIWYG stuff is more complex than most people think - at least, if it's done properly. Parsing and sanitizing the HTML output (which is different, depending on the browser in use) isn't something you can do in a few lines of code.
I've done it for another forum software, and it was pretty scary - just look at the vB3 code (if you can, no idea) how complex this stuff can be. Any other solution (like allowing html for posting) is not an option if you care about security.
Also, if I would do it, I would use another editor, maybe tinyMCE which seems to be pretty cool (and fully Open Source).
Also...
Nice DHTML menus
Do you plan to copy the cool transitions on the menus too?
Most likely not.. Basically, I don't like these animations, but maybe just for fun. We'll see. It's only a few lines of js.