We see questions such as this from time to time and my primary advice is to spend some time in the realm. I mean immersion kind of time. Rent some land, build or buy a house.Make or buy some furniture. Explore, a lot. 'Live" in this virtual environment for a while and you may end up reframing your question to be more along the lines of "What could the corporeal world learn from a virtual world like Second Life?"
As has been noted, SL is already governed by its Terms of Service and Community Standards.The OP's follow up post about IP infringement is indeed an area of concern in SL just as it is in our physical world. The main difference being that in Second Life, ALL things endure with the permission of the almighty Asset Server. Meaning that even though 'copying' occurs and some is never detected, the blatent cases can litterally be wiped from the face of the virtural world. (Enough from me on that for now, back to my original message.)
In Second Life, the residents (with a few excepts) do pretty well governing themselves considering the WIDE diversity of inhabitants. Age, race, gender, religion, physical limitations are practically meaningless here. Education, in the terms of ability to communicate, and social grace play a much greater role in Residents' experience in a virtual world. Taking into consideration each "player's" real-life socital background and the differences thereof of all the players from all around the physical world one may readily obsserve that at a basic level people are very adept at taking care of themselves and exist quite well in an environment which is focused on "Protecting Rights" rather than one driven by "Enforcing Limitiations."
Spend some time here and you too may see how the "Real World" could learn a few things from a virtual one like Second Life.