I wouldn’t use query_posts(). That particular function is meant for making changes to a specific query … and it’s limited enough that you can’t get the kind of custom functionality you need out of it.
Rather, I’d use a custom query. What you’ll want to do is query approved comments sorted by their post/approval date and join that with the posts in your database. If a post doesn’t have any comments, it would automatically be filtered out based on this criteria.
A very simple pseudo-code example:
$qstr="SELECT * FROM wp_posts ON (wp_posts.post_id = wp_commnets.comment_post_id) WHERE wp_comments.comment_approved="approved' ORDER BY wp_comments.comment_date';
$my_query = new WP_Query($qstr);
while($my_query->have_posts() ...
Basically, you’re selecting posts based on specific criteria related to data in the comments table. Using a direct query requires a certain depth of knowledge regarding SQL statements and the WP database structure, though … so it’s not usually my first recommendation, but should work in your case.
Just remember that the code above is pseudo-code … meaning I made it up off the top of my head, it might not work, and you should only use it as a conceptual example.
For reference: