Keep the rules as simple as possible. If you trust your mods like I know you do, you won't have to spell out every detail about what is and isn't acceptable.
Warnings via PM or an "examples of unacceptable behavior forum" or both would be fine to let someone know they are overstepping a boundry, but I'm not sure there should be a set number of strikes before one gets a time-out. I trust our mods to use good judgement. I'm not worried about Doopa or Protoclown banning someone for being gay.
And I think if we do get a new forum for stupid posts, it shold be called
The Stupid Forum or better yet,
The Newbie Forum.