Spam module as Spam / Bad / Profanity / Swear word filter?

Yep, this is possible, but basically, you'll be marking posts with those words as spam. Might not be the best solution - you might prefer an input filter that re-writes those words like f**k, sh**, or just ****.

Anyway, you can mark content with specified words as spam by going to admin/settings/spam/filters/custom and clicking "create custom filter" down the bottom. Select Regular Expression as the filter type, and the write a regular expression like this:
(swearword|profanity|\bshit\b|viagra)
Basically, that says "match any of the terms between the parenthesis, separate by |". The \b is important, it means "word boundary", and it matches things like spaces and punctionation. If you don't have that, the your term may match larger words that include the smaller word (like "mishit").

Hope that answers your question. If so, please mark this support request status as "fixed"