If you can turn your content into statically generated .html files then you have a chance of surviving Digg on almost any hardware. You'll want to run nginx or lighttpd - then turn all of your php and mysql into static html and images for the period of the event.
Darren Lingham - UK Webhosting Ltd. - (0800) 024 2931 Tsohost.co.uk - Quality UK Windows and Linux hosting since 2003 UK WordPress Hosting - Fast, easy, cloud based WordPress Hosting
You can use php accelerators and cache plugins for wordpress.
You're better off with 100mbps with 1TB limit instead of 10mbps unmetered because if you're getting a lot of traffic and you have several images on your site your connection may get filled fast and then site becomes slow.
you can get a good server for 30$ a month here: http://corenetworks.net/dedicated/
Intel Dual Core 1.6GHz E1200
» 512MB DDR2 SDRAM
» 80GB SATA2 HD
» 1,000 GB Transfer
» Remote Power access
I've had one and it was great, just switched to a server in Europe as it was closer to my home. Also, you'd probably get 1GB of memory and/or 120GB hard drive instead.
Or, you could try to get a daily deal at serveraday.com, sometimes they have p3 at 933 mhz or weaker celerons at around 25$ a month. They're good unless you want to host porn which is prohibited on their network
I have not had a chance to test that yet, maybe soon.. :}
I post news at a popular PC website so I may try and post one of my own news articles on there first and see how that goes (would probably be 1:10th of a digg or less.) and then move up from there..
I am also thinking of just buying mediatemple $20 hosting and not having to worry about anything.