I quickly scanned through all the posted replies and didn't see anything about checking the safety of composting the pallets themselves...so it's best to do some research before trying that. Here's a quick site to check:
http://www.treehugger.com/sustainable-product-design/how-to-tell-if-your-pallet-is-safe-to-reuse-pallet-safety-info.html
PS If you see the first signs of termites, throw down some cornmeal. They will eat it and take it back to the nest, bloat and die off.
