Hey Nauseous,
Unfortunately we do not have a badword filter right now and it's mainly because badword filtering / censoring are very extensive to the CPU especially when you are dealing with a lot of data. Imagine if you have 50 activity stream per page, each item needs to be scanned and if there are 100 of users simultaneously accessing the page, it's going to take a toll on your server. Not to mention that these string filters needs to be done using utf8 compatible methods because Joomla stores all data in UTF-8.