yes, it's called WordPress 
Just read this to get a grasp at the ALREADY INSTALLED user level capabilities
Now, if you're serious about this and want to avoid trouble, I'd recommend you to use multiuser and give a blog space to each member so they can do whatever they want with minimum intervention on your side. It will take you a few mins/hours depending on your skills level and what you want to do, but it's the smartest way to do what you want
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This post is endorsed by CIA, KGB, MI6, the Mafia, Illuminati, Kim Jong Il, Worldwide Ninjas Association, Klingon Empire and lolcats. Don't mess around with it, just accept it and embrace the truth
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