Content Filtering
 

Was wondering if it would be possible to set up a content filtering system based upon user submittals that individuals could then have applied to their browser

Unless I've misunderstood what you mean by "content filtering", the ad-blocking feature is probably what you're looking for.

I know there is that option but I'm looking for an option to have users contribute ad blocking rules to expand the filtering. This would be sort of like the ad-block plus and filterset G that people use on firefox.

While that might be handy, i find it more effective building my own list based on the sites I visit. A lot of the filters in Filterset G are for sites I never visit. Why add the overhead and the increase the likelihood of false positives? If you build your own list, it will be tight and limited to only the sites and content YOU find annoying.