Thanks sir...I basically just wanted to see how you had the hardware set up what card you used and all that and of course any and all tips and suggestions.
Well lets put it this way, it's a lot of work. There are different ways to do it too, I sort of picked a hard way. I had bought a piece of turd PCI capture card for my comp (about 80 bucks), borrowed a bunch of cable splitters off Joe so I could play it on TV and run it through the PC. Set up always ends up taking a few hours. In fact when I did it for Elder-Geek a few months ago, I bought a new (and cheaper) USB capture device and I spent over 3 hours setting it up the night before my 2 hour session.
On top of that it's a lot of work getting people to even watch it (email press releases to blogs, creating videos for YT that advertise for it, etc), and it's secretly harder than you think to play video games for an extended period of time. At least for me it is. It's just a very draining experience.
I'm not trying to deter you, but it's so draining that I have zero interest to ever do one again for this site. It's a lot of work to do it right.
Anyway, I'd start out by coming up with an outline of exactly what you want to play and what the rules are. You should theme it. You can't just say "We're going to playing comic book, WWF games, and classic games." Stick with a system. Stick with a series. Stick with a genre. Focus on something. Sure you can do whatever you want, but it'll be harder to write about and get the idea across. It's easier to say "We're doing a Uncharted marathon!" then "We're doing a marathon of our favorite games that are x, y, and z... and a, b, and c!" Plus that helps you define your audience and get the attention of someone willing to watch that. If you want to play comic book games, just pick comic book games, but again, it'll help to focus on one system because you don't need to swap out different consoles. Keep that stuff in mind.
Then just look up equipment and how much you're willing to spend. You can get a USB capture dongle for like 30 dollars off newegg or Amazon. If you're interested in buying splitters that's extra work and extra cash.
Other than that, when it's go time, make sure you have people to swap out and just enjoy yourself when playing. That's about all you can do at that point.