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That is the correct answer in a nut shell, you can buy all the FM stuff you want, but you have to have a license to run a FM station.

 You can apply for and run a LPFM station, but you still need to apply for a license.


Right now I do not think the FCC is even taking applications for low power FM stations, but here is some info, and more can be found at the link at the bottom of the page.









More info can be found here on LPFM radio:


http://www.fcc.gov/encyclopedia/low-power-fm-broadcast-radio-stations-lpfm



73

Jeff