As above any calcium based rock can be used, although for shape and natural looks "reef bones" dried live rock is probably the best suited.
I would imagine it would take about 6 months for corralline growth to make the rock look like live rock. I think the rock would become collinised by aerobic nitrifying bacteria (convert ammonia to nitrite to nitrate) in a month or so, however it may take longer for anaerobic bacteria to collanise and it may not be as effective as live rock at denitrification for a long time due to not having the burrowing worms that live rock does. I suppose the more live rock in the same tank the less time it takes to seed dead rock.
Where you are creating a largish pile of rock (from your other post) to save money I would use some sort of base rock for the inside supporting bits that dont get seen and cover the outside with live rock (mabe about a 50:50 ratio?).
Corals can be attatched to any rock that is suitable for a reef tank.