Assuming you’re using WP 2.0 (I can’t remember what the old versions’s options were), in the Dashboard, go to Options > Discussion.
Under the section “Before a comment appears” uncheck
An administrator must approve the comment (regardless of any matches below)
and
Comment author must have a previously approved comment
Set the comment moderation links to a high number (like 100 or more) and clear the text box below that of any text.
Make sure you have a spam protection plugin activated before you do this though, unless you really want a zillion comments about poker and phentermine.