I believe that short of moderation, no 100% censoring is currently possible.
A while back I experimented with trying different ways to get by the filter to post working censored links. With my admitted limited attempts I was very satisfied with the results - in terms of breaking censored links
In terms of words there are at least several ways to convey words or their meaning despite the censored word filtering. For example, I can type WHAT is this !#^*! and many would substitute the word themselves.
Anyway, AFAIK, the code of interest is