I asked IPB about this once on behalf of another project, it's not permitted to replicate their graphics as they're all copyrighted. I'm sure vBulletin would say exactly the same thing about a vB theme for IPB. I suspect either company would put their lawyers in touch. So that's a no-no.
phpBB are a bit more open, I don't recall the terms but I do remember that they allow it under some lax conditions. If you ask on the phpBB forums there's a guy dealing with the design side of things you can email and ask. I gained permission that way.