Yea you need a server with alot of bandwidth, a home connection with a good up speed , pc/laptop , some software traktor / virtual dj , mixer/controller for software , decent microphone , soundcard or extenal soundcard with mic , cd player inputs , speakers / headphones.
If you want to do fm then it becomes alot more expensive, your need a licence and will have to pay fees for the music played, you will need a powerful transmitter , aerial.