The following works on several blogs 1.2.1 and 1.2.2.
Edit your wp-trackback.php file.
Search for :
("$comment_post_ID", "$author", "$email", "$tb_url", "$user_ip", "$now", "$now_gmt", "$comment", "$approved") and change the $approved to 0 (zero). This will force all trackbacks into moderation.
NOTE :
This will not moderate comments. It will cause ALL trackbacks to be thrown into moderation for approval.
To disable trackbacks completely you can comment out the following line :
$pingstatus = $wpdb->get_var("SELECT ping_status FROM $tableposts WHERE ID = $tb_id"); by putting at the begining of the line \\
then put a new line underneath with :
$pingstatus = 'closed';
NOTE :
This will not disable comments. It will cause ALL trackbacks to be ignored.