LOL, 31st January....hmm..... well I'm not an expert but I guess the more you have to think about the better.

I'm not an audiophile but springing to mind - a microphone and stand, 2x CD players (I'm sure people will suggest here), a nice soundcard, some special radio station planning software of some sort? If there isn't a studio perhaps some special partitions to cut out excess sound?

I can't remember what people suggested re. hosting but are you running the main machine as a server too? If so you'd need to sort out what streaming platform you'll use.

Gareth