you will need a good decent quality capture card
a mic or turtle beaches for commentary
a camera for face at top right

a fast pc for editing and uploading

Depends what you are making the channel about if it is about gaming than you are going to want to get a capture card, a good editing program such as Sony Vegas, and a good microphone with good quality. If you are trying to make a different channel just make sure you are not nervous in your videos and you are outgoing.

you will definitely need the following
1. a good capture. the top 3 capture cards in my opinion are as follows. The best - Elgato Game capture HD which retails for around $200 if you shop around. Then second best would be the HDPVR 2 Gaming edition which also retails for $200 if you shop around. Then the third best would be the Avermedia Live Gamer HD which yet again retails for $200 providing you shop around. All these capture cards are 1080p recording
2. A good Mic for recording/gaming. There are plenty of great mics to but but the best two in my opinion are the Blue Snowball and Blue Yeti. The Blue Yeti is more of an upper class/ professional mic retailing around $200 where as the Blue Snowball is more of a casual mic for beginners which retails for around $100. There are plenty of mics that are just as good but a bit cheaper if you are tight on money. I also suggest getting a pop filter for you mic to get a higher quality recording.
3. Good pc/editing program. you are going to need a strong pc to be able to edit and render your videos at a good standard (720p - 1080p). you will need a good program to edit with. I suggest any of the Sony Vegas version. there are plenty of places to crack it on the internet but there are also many free editing software's to use such as VideoPad. Most of the capture cards will come with a basic editing program
4. Good videos. You will need to come up with new, entertaining and funny videos to post to gain an audience. It is not going to happen over night so you will need to stick with it in order to become successful. other youtubers are your friends so use them to make duel videos. Good luck

you will also need to be in a partner ship with a company. the sooner the better. but make sure it is a well paying company that has a flexible contract. ALWAYS READ THE CONTRACT!!!. when you have a partnership you will be aloud to expand your youtube channel further and make money in the future if your videos are successful and if you want to head into a possible career in youtube.

You defiantly need time and alot of effort

Also a hd recording software.
depending on what you are doing