Computer requirements to run Hoster and/or Hoster-Lite

[BANDL]

Could someone give me a rundown on what do you need in your laptop to succesfully run Hoster and/or Hoster-lite. I am refering to:
Clock speed
Hard Drive Size
CD drives (does it have to be able to read CDGs?)
I have over 700 CDGs, do I need to convert them to mp-3+G using the laptop CD drive or can I do that in my Desktop?
Does the laptop need to be connected to the internet?

Thanks

bandl