Go ahead and give the free version a test-spin. Aside from some text characters (ampersand, quote marks, etc.) displaying incorrectly, it works well enough. But after paying the few extra dollars for the PRO version, I am quite pleased with this module's features and functionality.
It was easy enough to tinker with the module's css file to adjust the colors to match my site, and removing the text link for "SMILEYS" was easy as removing a line from the default template file. Piece o' cake!
Worried about dishing out a few bucks? Don't fret. Go PRO... It's worth it to get the only shout box that really works in J1.5
Thanks, Ercan Özkaya! This was just what I was looking for!