Visually it looks pretty decent, but:
1) Too many scroll bars! I can see the need for a scrolling box for the "Shout box," <hippy voice>but just let it flow man.</hippy voice> The rest of the page shouldn't have scroll bars.
2) The shout box is way too narrow. You may benefit from moving your menu to just under the logo and making it a horizontal menu. The extra space could be given to the right column to make it wider.
'Course, if you are going to include many more menu items that may not be possible.
What might be better is keeping the shout box form in the right column, and in the middle column, place the scrollable box that contains all the shouting. That box could be wide enough to make reading really easy.
3) Have the forums site open in the same window, then include a link back to your site on the forum pages.
4) Lose the boldface text and pick a font different from Times New Roman.
5) Get rid of the <hr> tags. Instead, use CSS to create the border affects you want.
6) Maybe only include four news updates on the home page, and then link to the archives. Generally you want pages to only scroll one to two window heights.
7) You really do need a different link color. Blue is too difficult to read on the dark gray background. Making it a tan or yellow color would fit better with your color scheme anyhow.
Hope this will get you thinking about different ways to skin the same cat