Having trouble sleeping and noticed this script so figured I would comment.

You need to try and slow down a little bit man.
Your releasing better quality stuff than before because it shows that your thinking now and you arent ripping anything which is great but your still in a hurry to release things and you should be taking more time with your codes.

For one your title says complete channel protection and this is far from that.

Like mountaindew said, the way your processing the cusswords is wrong. Your using && instead of || which will make it so all the words must be present instead of just one of them. This shows a real lack of testing.

Your second on text event is a really bad way to catch channel advertisements. The only ones it will catch are when the channel is the first word in the sentence. The best way is regex but thats a little too complicated for you so instead I will show you a way you can do it with coding you know.

The idea here is to individually process each word in the entered text and see if the left character is a pound sign.

on *:text:*:#testing1234:{
  var %numofwords 1
  while (%numofwords <= $0) {
    if ($left($($chr(36) $+ %numofwords,2),1) == $chr(35)) {
      Msg %channel no advertisments $nick
      Tban %channel $nick 300
      kick %channel $nick
    }
    inc %numofwords
  }
}

You really need to take a little more time with the coding before release and always test test test. It's a waste of everyones time when you make them tell you that your script doesnt even work right. We all miss some errors now and again but missing the scripts basic functions not working shows a complete lack of any testing.

Anyhow I'm going go figure out if I want to try and sleep or just give up and plan for a nap later. Keep up the improving. :)