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If you know how to code in javascript, PHP, HTML and CSS you can make it for free. The amount of time it would take depends on how many people are working on it and the amount of time they work on it per day.
The real costs are the domain, hiring people to code it (if you choose not to code it yourself) and the costs for the server. For a site like Digg.com it would be best to get a dedicated server instead of a shared one. Those seem to cost anywhere from $50 US/month to $200 US+/month.
As for how much the current rates are to hire someone to code it for you, im not sure as I have never looked into anything like that.
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