Hey,

I am seriously considering investing in a person web server. I have dsl, windows XP Pro, IIS. What exactly do I need to get things running?

Well first off I dont know much about IIS, so I cant help you there...

A couple of things you will need.
1.) check with your ISP to be sure that you are indeed allowed to run a server from home.
2.) a domain name. If you dont have one or cant afford one you can get one through companies no-IP.com, etc.

Another thing you will need is a static IP address (IP that never changes), or a service that will monitor your dynamic IP (changes when your DSL provider wants to) and modify your DNS entry as needed.

I assume you are just wanting this to host a personal site? You won't be trying to sell webhosting on this server would you?