Go to admincp>vBulletin Options>Message Posting and Editing Options (all the way towards the bottom of that category), you can fix it there...
It'll look like this:
Quote:
Time Limit on Editing of Posts
Time limit (in minutes) to impose on editing of messages. After this time limit only moderators will be able edit or delete the message. 1 day is 1440 minutes.
Set the value to 0 to allow users to edit their posts indefinitely.
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