Yup, having setup a few servers in my lifetime
A good box...which you can get almost anywhere, even one you dont manage can be had. Then a good host will cost just what calum stated. Then staying legal with the software license for this forum code and the such.
Setup a quick and dirty account that can be donated to for starting up costs. I dont know about using pay pal but it is easy. i dont like some of their TOS but hey...99% of the world uses them...