Some changes to the original anouncement have been made:

- Restriction on edits within 48 hours has been removed.
- Posts may be rated within 72 hours of original post, or within 72 hours of the last edit to the post.
- Once posts are edited by an administrator, they may no longer be rated.

This system will roll out this week, so be on your best behavior - the posts you make now may soon be rated.

The edit limit is removed, so instead:

Someone posts, you can rate good/bad within three days.  Later (maybe weeks later), the original poster edits the post.  The original ratings stand, but you again have a chance to rate the post within next the three days. 

Only one rating per person per post can be made, regardless of edit.  You can, however, choose to remove or change your rating, within three days of the post or edit.

No, the original ratings stand.  Note that there is no visible indication of negative or positive ratings to anyone other than administrators, the rater, and the original poster.

Yes, it's theoretically possible to receive so many negative votes on a single post that your account falls into restriction.  And it's theoretically possible that the post that offended so many was not intended as offensive.  Further, it's theoretically possible that the invelos admin agrees that the post is offensive and lets the ratings stand.

If all of that happens, you can pm an admin and state your case.  PMs are not restricted, nor are support tickets.