Do i need a Shoutcast account to go along with playit software.
It depends on what you wish to do.
PlayIt Live will run on a computer fine on its own.
You might wish to use a mixer to add a microphone and (at the simplest) feed PlayIt Live into a channel on the mixer.
A mixer with a built in USB sound card and a couple of channels might be a good choice.
I wrote up how to use one mixer.
You can record the output by various means. Although PlayIt Live doesn't contain a "built in" recorder you could use PlayIt Recorder or Audacity.
If you explain what you want to do then you could have some more specific assistance.