Simple Machines Forum - Elegant, Effective and Powerful
Simple Machines Forum (SMF) is a free, professional grade software package that allows you to set up your own online community within minutes. Its powerful template engine provides a unique look and feel to the site.
It has WAP and WAP2 support for wireless devices. It has ability to create child boards under other boards. (sub boards) and assign moderators to boards. Track users and their IP. Generate printer-friendly topics.
Its major feature include Users management, Full text search support, File based caching, SEO friendly, Anti spam system, Forum stats, Private messaging, Polls, RSS feeds, smiley, Spell checker, WYSIWYG, Image gallery, Calendar support to add events, Powerful moderation tools and lot more.
Its a feature rich product. It is open source product with their own licensing terms and conditions. The product should not be distributed without the owner knowledge.

http://www.simplemachines.org/
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