Important factors are causality between bids, bid closing and time being accurate across all systems.
"is there any open source operating existing system , that i can use ?" leads me to believe you need to read up a bit on web development. The question doesn't make sense in the context that you use it ... because L in LAMP is Linux.
L - Linux operating system
A - Apache web server
M - MySQL Database
P - PHP/Perl/Python
There are many permutations of this setup such as WAMP, LAMM and others. I would also suggest you look at things like Google App Engine or some hosted rails solution to ease the amount of administration then migrate if it is a success.
Edit
If you want an existing system, things like Drupal Auction http://drupal.org/node/67918 exist. Might not be robust, but you can probably find others for other frameworks/CMS