Dave has a plugin in development for this.
I personally stop what I am doing and join the server to rename and possibly ban users with inappropriate names. Yes, there are under age players and that's why we have the server rules. To be sure the server is playable for everyone.
However, this is me speaking personally as an admin, I would not force change a name for the word 'titties'. There are things you have to deal with while playing on the Internet with the rest of the world, and if a parent is concerned about words such as 'titties' or 'pussy' being used as a slang, they should moderate their children's use over the internet.
This is the same reasoning why game publishers do not release an ESRB for any online experiences.
We cannot moderate the server so heavily that people refuse to play on Hyperion. This is also why we allow mild cursing, just not towards other players used as a 'flame war'.