Ok, I'm about to try the Sig Editor hack on my forums but first I wanted to figure out how I can backup my forums? Is is just the backup option in the Control Panel? If so, how do you put them back if the hack goes bad?

The most reliable way to backup and restore your databse is explained in Steps 1 and 4 on this page:

http://www.vbulletin.com/manual/movingservers.html

Also backup the database before making a hack attempt. And always make backup copies of any PHP files you modify.

what you want to do to back up files is download them all to your computer to make sure if you have script erroes that you cant fix you can always use the one that arnt edited. i found this out the hard way.