Facebook didn't do it with "crusty old PHP;" rather, they had to re-build their stack completely from scratch to keep up. See HipHop, their homegrown PHP-to-C compiler https://github.com/facebook/hiphop-php/wiki/ and Cassandra, their own custom database system http://cassandra.apache.org/
If they stuck with crusty old PHP, I have no doubt they would never be able to manage the load.