Actually, the coverage on Ars Technica has an interview with co-founder Stever Huffman and he says that the ranking algorithm is one of the things they are not making open source.
> Not all of reddit's code will be released, however. Huffman told me that while about 95 percent of reddit's code base is getting released at code.reddit.com under the CPAL license (the same one Facebook used to open source its own platform), including the rating algorithm that chooses which stories float to the front page
I am interested to read this code because I haven't read much on how they rank stories. Now I can read the implementation itself.