First of all, the old low-power systems used to be "Type 15" stations. They were done away with in 1978.

The new, low-power FM stations (LPFM) are NOT available for individuals. They are for non-commercial broadcasting only, and only available to educational institutions, or local governments.

The lowest power AM available is 250kw.

Both AM & FM "would be" owners must file an application with the F.C.C. You can read more here: http://www.fcc.gov/mb/audio/howtoapply.html

You must have an attorney licensed to work with the F.C.C., as well as a Broadcast Engineer that is authorized to work with the F.C.C.

You may start your own station with none of the above. The fine starts at $75,000.

Pete