I have had (no joke) 123 on more than one occasion. I have found that there is a point where I can send a few more PMs after that 120, but the funny thing is once I hit 120 I can't get anymore. Not sure why that is but I have had a few times where I have sent that one or two extra PM(s) and the people tried to reply back and couldn't send it to me because my box is full. Actually Todd I remember that happened with you once. I had sent a PM or two out there and you tried to PM me and I was baffled since I had sent two out after you tried to reply to me
Right now I only have 66. 15 of those are saved PMs that are near and dear to me in my "Keeps" folder I've created.