I think that for the most part the FAQ here is "pay lots of attention, contribute where/how you can, and figure it out as you go".

The ranking system has been discussed in the past, and I believe that the source code for the site is "out there" somewhere, it might be easier to find on the Arc news/discussion site.

Play with your profile settings and see what happens.

Submit stories and post comments, and you'll learn about karma in real time.

I don't mean to sound rude, but most of the audience here gathers to share and learn knowledge. The particulars of how the site works are somewhat secondary to the primary knowledge transfer function. I know that as a hacker of sorts, you probably want to know what all the knobs and sliders do. But then again, as a hacker of sorts, you should equally revel in solving the puzzle on your own.

Enjoy!