Sure it is, meaning to modify or to moderate.
Mod can also be an adjective, like the mod squad.
So the mod mods can mod.
Mod mods can even mod a mod.
Only with an upgrade, though:
Modded mod mods mod mod.
In my experience, the cool moderators whose behavior is corrected by other cool moderators in their turn regulate the behavior of other cool moderators.
Which is to say, mod mods mod mods mod mod mod mods.
This seems to work:
Mod mods Mod mods mod mod Mod mods.
Where “Mod” is an adjective (as in Mods & Rockers)
mods = noun, moderators
mod = verb, modify or moderate
It follows exactly the same syntax as
Buffalo buffalo Buffalo buffalo buffalo buffalo Buffalo buffalo.
i.e.
“Certain Mod moderators that are moderated by (other) Mod moderators, (in turn) moderate Mod moderators.”
You people are despicable.
Dammit, ninjaed.
ETA, hold on, can ninja be an adjective as well as a noun and a verb?
For some reason I am hearing a Sylvester the Cat voice when I read this. 
That’s funny, I hear Daffy Duck.
Yes. See “ninja edit.” It means something like “fast and sneaky” and is more often applied to the action than the person (but there is “Ninja editor,” someone who gets in and edits something right as someone was about to complain.)
Not on this board.
Suffering succotash? 
If this were in the Pit I would do such things, what they are yet I know not, but they would be the terrors of the Earth.
I can see why the mods might not look kindly on the phrase. If addressed to me I might well take it, depending of course on the circumstances, as an insult, albeit implicit.
I was once Mod Noted for saying that. Best just not to go there.
I could do it, but I would explain it so boringly that the mod would fall asleep before…
Yeah, like that.