Me and a couple buddies are working on a website that involves heavy user commenting, feedback, opinions, etc. We expect some posts to have content that we do not want. We are wondering: by running this website, what rights do we have? Is there some kind of guideline available?
Important note: never trust legal advice you obtain online. If you're concerned, you need to speak to an attorney.
Are you asking, for example, whether you have the right to delete or block posts that you don't like, or whether you can ban users you object to? Of course you can, it seems to me; it's your site.
A more pressing question is whether you bear any legal responsibility for material your users may post (e.g. material that violates libel or hate speech laws). That's a harder one, and may depend in part on the procedures you have in place; if you are actively moderating the site, you can be presumed to have approved anything that appears on it. Again, talk to a lawyer.
Put together Terms of Use, and spell out the user rights. Here is a template that you may find useful: http://ownterms.pbworks.com/Terms+of+Use+1
Have a lawyer review the document to ensure that it would hold up in court.