Quoted from luvthatapex2:

First off, ensure you have a decent windows PC (i5 processor or better) and recent nVidia video card with at least 1GB (2Gb is better) if you are doing this from scratch. People that complain about lag and running VP usually have old hardware and you'll suffer for that.
There is a VP all in one installer here. VPX (10.3)
http://www.vpforums.org/index.php?app=downloads&showfile=11573
To run the latest rom based tables you'll need vpinmame
http://vpuniverse.com/forums/files/category/6-pinmame/ (install the aug 2 full version and vpinmame 2.8b update from Jan)
you'll also need the roms to run the tables (some are at these sites, others at vpuniverse and monsterbashpincab.com)
you'll need directb2s backglasses if you want rom controlled lighting on your backglass. these are available at all of the sites above. there is a DOF config tool at vpuniverse for cabinets and force feedback (solenoids, etc)
You'll need a front end to run everything if you are making a cab (hyperpin or pinballx, just search for them). With the front end you'll need a backglass/playfield image/wheel art to display each table, but these are usually available too or you can screenprint from a table you are playing to get the backglass/playfieild image.
Its alot to take in, but worth it and the sites are helpful with other enthusiasts. New games and updated games come out weekly.