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/Peo, FreeWebSpace.net
It's possible to insert ads in the signature on a vBulletin forum.
I've done it on my site. A 468x60 banner is inserted into the sig of the first post of each thread. I done this by modifying the "showthread" template I think. It was a while ago so not sure if that was the one I changed.
I never seen this done on any forums if it was not against googles TOS it would be cool because it would be like everyone is getting paid to post. But if everyone did it, google would ban many accounts hehe
I think in thier TOS it says no more than 2 per page. Also, if you have ever downloaded a template with adsense code in it, all you will see is a text image of "You are not authorized to view this page" with the blue ! point. I think its in the coding that even if you were allowed to post html on a site you didnt register the specific ad service, the ads wouldnt show anyway.