There are specs available on the website:
There are cutters of both types (purchased and user built). Many of the very skilled cutters you see use the Benchmade cutter that you can buy, others make their own (and they would make one for you for a price in many cases).
While the blades are highly specialized, and very sharp, I will tell you that a VERY strong man with the GREATEST cutter blade ever made would not do very well in these competitions without a HIGH level of SKILL. I am not a cutter, but I am a big fan and have talked to many cutters (both champions and those who come in well short of victory)...and they all say the same thing, "it is not the knife that made me lose/win". While I cannot say for sure...I assume it is like the bats in the hands of major league baseball players...you need decent equipment, but that is not going to make near the difference that skill (accuracy and form) plays.
The competitions are timed, and you must proceed through the course in order. Your time in seconds is taken as a starting point, and penalties are added, and bonuses (for successful cuts) are subtracted from that total. Lowest adjusted total wins.
White cutters are generally newer guys that have been cutting less than a year and not won any competitions. Red level cutters are the guys with a bit more experience. However t is not unheard of for a White cutter to score above a Red cutter.
There is a lot more info on the website. Check it out!