Rankable/rateable entries

I’m trying to set up a site where anyone who registers can add a post (held back for moderation though) and then all users can rate the post.

Rather than the traditional chronological order you see on most blogs, however, I want entries to be displayed from highest rank to lowest.

I’m going to research how this could be done with WordPress and plugins now, but if you can recommend anything to save me time please do so. Much obliged.