How Would You Start a Radio Station?

MurderINC asks: "For the past few months, I have been looking into starting up a radio station here. I am a student in a college town. The university here has around 10,000 students, but in my opinion, not a single decent radio station. There are a couple of country stations, a couple of 'today's hit music' stations geared towards the junior high audience and a few talk stations, but that's about it. I would LOVE to start a classic rock / alternative / hard rock station. I'm thinking this could probably be run right off of my Mandrake box (just load up a playlist and go with it). The problem consists of: I know very little about the FCC's regulations, the costs of the equipment, and what equipment I would need, and was hoping someone out there knew a lil' somethin somethin, or has done the same thing."