Equipment Advice please - good home setup

[keno54]

I am gathering info to purchase my first karaoke system. It will be strictly for my personal home entertaining. I have no desire to go into the business but I want a good system that will handle the room I will set up in.

I have a 40 x 40 shop with 16 ceiling height, and it is completely insulated. It is a big open room. We cook and carry on with friends and neighbors regularly and want to add Karaoke to the list of events.

I am convinced that I need the Hoster and Karaoke Suite 4 so that I can create a library on hard drive. My questions are what other equipment is required.

Speakers - would 100 watt capacity speakers be sufficient for a room this size? What would be the minimum woofer size you would recommend in a speaker?

Mixing amplifier - would 100 watts output per channel be enough for that room?

If I get the MTU cdg burner, can I then just read existing cd's into the computer and use the MTU software to add lyrics to it, thereby creating my own karaoke disks?

What would a reasonable price be for a good, but not top of the line (but not rinky-dink either), equipment set up be? Would $750.00 buy a reasonable setup?

Any help or advice (and even product suggestions) would be appreciated. This is all very confusing for a newcomer to this area.