I've never had a problem sending or receiving AOL email and I'm with Cingular.
Here are the setting that should be used:
These were copied from snappermail's email config section but should also apply in Versamail.
IMAP Server: imap.aol.com
Username: your AOL screen name
Password: your AOL password
SMTP Server: smtp.aol.com
Username: your AOL screen name
Password: your AOL password
Tap the "More..." button in the server account settings. In that window, enter the following:
POP3 SETTINGS:
Use Port: 143
SMTP SETTINGS:
Use Port: 587