User -> Moderator -> something else?

Actually you should make sure that you also report the post as spam / advertising.

I think every user with 10k+ karma can edit / delete any post and see the reported posts. At least i'm able to suspend users which have a post either in the moderation queue or in the "reported queue". Lately i'm not answering many question since most the time other users are faster than me ^^. Though usually i check the latest reports and suspend user accounts which are clearly made for advertisement or spam. A lot users here do report the post so it shows up in the reported queue, even when it was already rejected in the moderation queue. I usually check the users page if it has other posts as well before finally deleting the spam posts.

ps.: The karma required is explained on the FAQ near the end.