The very first thing I would do - particularly since you're the parent in this scenario - is contact the site owner or support staff to request the un-banning.
In all honesty, this is the only truly ethical approach to the situation that could result in regaining access. Be polite (anger at any perceived injustice is only likely to make matters worse), indicate that your son made an honest mistake and that it won't happen again.
In fact, in an environment where people are hyper-sensitive to online predation it's very possible that they're required to take these actions if only for purposes of liability.
He asked a player that and ended up getting a "perm ban".
I am extremely frustrated because the game does not allow my son to even make new accounts on the game.
I've tried renewing the IP for him, uninstalling shockwave and reinstalling it, deleting registry keys, etc.
What you've outlined should serve as a reminder to all to be familiar with the terms of service, or "the rules", for any online service you happen to use.
My son plays an online game where many teens ask each other "a/s/l" (Age/Sex/Location).
According to my son, he was unaware that this was against the game's rules.
See if they have any flexibility in their response.
Again, they're not required to let your son back in.
I'm frustrated as well because I spent money on this game for my son buying him credits towards purchasing things on the game.
With that being said, is it possible to get my computer un-banned so that he is able to make a new account and continue to play?