I dont think low post count members get the edit option. I Already looked for it myself a while back and it doesnt exist. I once owned a tech related forum and was an admin of a windows 7 forum which was VBulletin like this one so I am pretty positive I am not over looking the function. Watch the option appear after posting this
I guess Its time for me to go read the Forum rules again and find out when I get the edit privilege. I am horrible with grammar, especially while typing so edit is my friend....