Any way to delay 'edit' designation from appearing in forum?

u2wedge

I know on some other forums there is a pre-determined time that allows for editing a recent post. There are two versions of this that I've seen, one more complex than the other. v 1: there is a countdown timer next to your most recent post that says something to the effect of 'available for edit for x number more seconds' and... v 2: where you can edit a post as many times as you want in, say, 60 or 120 seconds, before the word 'edited' appears next to your post details. Are either of these options easily do-able?