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A quickie here on how to handle comment and trackback spam in WordPress 1.5 here on [rmfo-blogs.com]:

1. Go through Spam Karma [Options --> Spam Karma] every time you go to post and run through the spam it’s caught.
2. Go to your Blacklist Peers [Manage --> Blacklist Peers] and synchronize with this Weblog.
3. For comments that leak through: Edit the comment [Manage --> Comments], and change it from “Approved” to “Spam” and hit [Edit]. Rather than delete comments, WordPress 1.5 sets them as spam and keeps them in the database. You’re building your own knowledgebase of what spam is, and that will, in the long run, help you buttress the defenses with things like Bayesian filtering.

If you have specific questions, post them in the comments.