What are the hardware requirement to set up a Web 2.0 website?

I thinking of setting a web 2.0 website like Digg.com but what are the hardware requirements I need take to note of, like disk space, traffic, etc? Can normal web hosting companies able to deal with the demand?
anyone know how fast a web 2.0 website grow, with use submit news, post comments, etc. How much disk space you recommend?

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