What is "Censure?"
Although ill-defined, censure is a process of Congressional reprimand--the political equivalent of a strongly-worded letter. In 1834, a Whig Senate "censured" Democratic President Andrew Jackson in retaliation for his withholding documents. Three years later, a Democratic Senate "expunged" the censure from the record. However, that act of censure had no basis in either the Constitution or the Rules of the House and Senate. This remains true today. Ordinarily, Congressional disapproval of the President is relayed either through its legislative power including the veto override power or through impeachment.
Presumably, censure of the President would take the form of a resolution adopted by both the House and Senate and then publicly announced. Legally, the resolution would have no effect. Censure derives from the formal condemnation by either the House or the Senate in rebuke of a Member of their own body. After a majority vote, the Member is publicly denounced, but still retains the position of Representative or Senator. However, the House removes the offending Member from any leadership positions in committees or sub-committees.
http://www.law.cornell.edu/background/impeach/censure.htm