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This will do a number of things. First and most notably, it will stop spammers because search engines will no longer follow these links.
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No, it won't. It may stop spammers from benefitting as much from those links but it won't stop them from posting the spam.
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It will also stop your pagerank from leeking onto other sites.
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"PR Leak" or "PR Bleed" is a persistent and longstanding myth, but it is nonetheless a myth. Your forum pages don't lose PageRank by linking to other pages.
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Also, some people say that adding nofollow to your URLs will increase your Pagerank.
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Those people, whoever they are, would be totally wrong.