This is a brand new site released by one of Kevin Rose's friends. Its pretty interesting. Be sure to check the FAQ. The way the site works is users submit stories. Other users "dig" through these links and "dig up" what they like. The links that get dug uo the most get shown on the main page. Its a great community to find all sorts of cool stuff on the web.
Another site similar to this is del.icio.us
Fark is another user submitted news site, but digg has more tech news and is therefore better.