The prevalence of harmful content on social media platforms poses significant risks to users and society, necessitating more effective and scalable content moderation strategies. Current approaches rely on human moderators, supervised classifiers, and large volumes of training data, and often struggle with scalability, subjectivity, and the dynamic nature of harmful content (e.g., violent content, dangerous challenge trends, etc.). To bridge these gaps, we utilize Large Language Models (LLMs) to undertake few-shot dynamic content moderation via in-context learning. Through extensive experiments on multiple LLMs, we demonstrate that our few-shot approaches can outperform existing proprietary baselines (Perspective and OpenAI Moderation) as well as prior state-of-the-art few-shot learning methods, in identifying harm. We also incorporate visual information (video thumbnails) and assess if different multimodal techniques improve model performance. Our results underscore the significant benefits of employing LLM based methods for scalable and dynamic harmful content moderation online.