[goodside]

No. Flagging brings it to the attention of editors, who decide what to do with it. If they kill it it dies, and if they don't it lives. It has no impact on its rank on the front page if the editors don't kill it.

[blasdel]

Stories are auto-killed after a number of flags, and there's been no sanity check against the number of upvotes (pg commented about changing that)