This is what you'll need for you very own photobooth:
-a camera (duh) it would help to have one with a timer setting so you can be I'm the pictures too
-a tripod. Do you really want to carry your camera all night?
-fabric to use as a backdrop. I used a large sheet of canvas (About 8x6) but any fabric would do good as long as it's not too sheer or shimmery (for lighting purposes)
-a flash. I had a flash on my camera and also off camera flash only because during the dance portion of the party, the lights would be off and my camera flash would be enough alone.
-fun props. I had all kinds of masks, colorful accessories like boas and glasses, capes, wigs... You'd be amazed at people creativity.
-a basket to place the props in.
-this you don't need, but to avoid people touching your nice camera, an AV cable connected from your camera to a screen would save you from having that problem and people being able to see their pictures after they are taken.