im not speculating, it CAN be done.... it would be much the same as what happens when you enter the name of a referer when you sign up, or when you are entering a name to search for in the search box, it will automatically search and see if the name your typing exists, and if it does it pops up suggestions just below where your typing.
It can be done with topics too, but It might increase server load a lot, especially if the forum is big since it would probably have to poll the thread table as each letter is typed to see if any topics come close to what your typing.
This is also a job for an experienced coder, I myself couldn't do it even though i have an idea of HOW it would be done, my coding skill are minor.
and yes, vBulletin is FAR FAR superior to ANY message board software, but thats just my own opinion
Actually if you look at the similar threads box below this post, you will see one mod that is CLOSE to what you want, im sure you could modify that code to work when posting topics instead of just showing new ones.(<-- that IS speculation there)
edit again.... actually, there is a mod somewhere called "check if already posted" it puts a button beside the topic title box, and the person posting can press it to find if the thread they are going to post, has already been posted.... once again, something that could be modified to work as you want it to.