Shiner25, if you installed WordPress 1.5 you made a great start. Under the Options -> Discussion Tab is where you can set things up.
I’ve allowed comments, trackbacks and pingbacks by checking # Allow link notifications from other Weblogs (pingbacks and trackbacks.) and # Allow people to post comments on the article in the Usual settings for an article: section.
FWIU, in WP 1.5 all comments, pingbacks, and trackbacks are treated the same. So if you select under the Before a comment appears section, # Comment author must fill out name and e-mail and # Comment author must have a previously approved comment all comments will need to be approved by you. As you mark post approved or SPAM you will begin to see less and less SPAM and more and more legitimate comments will be automaticall approved.
You can also add words including name, URI, e-mail, or IP to be blacklisted. Posts which contain anything contained in the blacklist you will never see. Also, you can enable WP 1.5 to automatically blacklist comments made from from open and insecure proxies which are not legitimate sources for comments.
Over time that should do a bang up job. But you can also install plugins to augment the process.