No fancy markup required, to distinguish code from regular text it'd be enough if we could just use a courier new font or something. So you can include something
within a sentence.(done with an image here to show what I mean, you get the idea)
Moderator: General Moderators
within a sentence.this works vs [inline]this doesn't[/inline] because of the single quote). Perhaps some bbcode regexp is a bit too restricted currently? Same happens with : ; " # $ etc, so that makes it kinda useless for any actual code.