I am trying to rank my website for the anchor text "akon lyrics" , so if I put it in my forum signature and posted quite a bit each day would that help my ranking with google? (not pagerank, search rank)
There's a point of diminishing returns. After a certain # of posts, your backlinks aren't really going to help you PR or SERPs much more.
Forum sigs do help but check for DO FOLLOW and go for fewer posts a posts on more forums rather than lots of posts on one forum. Even better if the forum is relevant.