Im assuming youre running UBB7? Sme people having issues with classic have reported several issues (somein the wrong forums) so juct making sure...
Email Verification is a very good starting option, also turning off guest posting is good as well.
The member queue is great if you havev the time and inclination to approve new member registrations.
And as said UBB7.1 has a captcha for both registration and guest posting; and should be out as a public beta within the next week or so.