2GB's not very large, but it might do for starters. Those on the site who know me can guess what I'm gonna say.
How about FreeBSD?? 🙂
But, to answer your questions...
You need an computer with an operating system ([subliminal message]yeah, pick FreeBSD, pick FreeBSD pick FreeBSD...[/end subliminal message]). You already have 24/7 connectivity; you need an internet routeable ip address. If you want a name, you'll need to purchase one (or more) names, and you'll need DNS servers. It's possible to run one DNS server on your box, you'll want a secondary DNS as well. You'll want a UPS (uninterruptible power supply).
You've gotta have a well-configured firewall if the machine is not already behind something. On a t3, you'll be probed constantly by bad guyz looking for machines to exploit, and you'll be a big target, 'cause BW is highly prized.
Names you get from a registrar ... I like dotster.com; tucows.com is a biggy that lots of folks use. I'd stay away from NetworkSolutions/Verisign if possible.
Most of your 'Nix type OSes (pick FreeBSD) come with a DNS server (usually BIND) already installed --- you simply need to config it. Read, read, read, thoroughly before committing your box (pick FreeBSD) to the net, though.
In re: DNS, be sure at first to use short TTL's. When I was first getting started, I made a mistake in this; later on, my ISP made some changes to the network structure and now ns1.mydomain.com is stuck in never-never-land for another 7 years or so....
Now, why FBSD? It may be a tad difficult to get used to at first if you've always been running M$ systems, but the OS has a more structured support system than most Linuxes and the ports system is better then most Linuxes' 3rd party SW installation routines.
Once the OS is up, installing software is usually a matter of:
$cd /usr/ports/www/apache13
$make install clean
or
$cd /usr/ports/lang/php4
$make install clean
In the latter case (PHP) the FBSD ports system shows an ncurses (semi graphical) configuration box and then grabs all dependencies from the 'Net automagically. In Linux, Gentoo's system is similar to this, so I hear. It is definitely superior to RH RPM's at this stage of the game. Also, the 'portupgrade' program (in the FBSD ports tree) will update installed ports for you, fairly well automagically, so if Apache ups a release, you don't have to uninstall && reinstall or whatever....
Furthermore, FBSD is not gonna install a GUI by default, and this is advantageous to a guy has only has 2GB to spare 😉
I'm sure others have their opinions.