Your question is very hard to answer. I'm a server manager and web-developer in one person, I manage 2 really big sites... so, let's start from the servers.
First of all, the servers can't be in your basement. Well, they can just it's not recommended (see end of the post). They have to be in a datacenter like http://softlayer.com,
and someone who manages these servers for you. Myspace-like websites have a massive database back-end, if you have many visitors, you need tons of RAM in a server. If you have very much visitors like 1000 per second, one server will not be enough, you will need at least two and balance them with a hardware load-balancer.
Bandwidth: depends. You can buy directly from the datacenter. one gig of transfer costs around $0.10 US dollars (10 cents), but if you are a good merchant, you can get 1 gig for about 0.6 dollars.
If you really want to satrt all this in your basement, then buy the servers, massive connection, minimum 100 MBit synchronous (both upload and download are 100Mbit), this is the minimum. If you will need more servers, each one will have to have its own separate connection
The ISP shall not block port 80 (HTTP) and must provide for each server unique public IP address.
You have to have backup for power failure, datacenters have generators but at least a massive UPS farm is needed.
Need further answers, get to http://devoracles.com
and contact me directly. ;)
In answer to your edit: "HOW MUCH internet speed , space ,and what server is required ,,, to do this job"
As I said, for a start you will need at least 100MBit, later, when your site grows, a gigabit connection will be needed.
Space shouldn't be a great concern. The 100Mbit connection will mean that you can transfer 32 Terrabytes of data monthly. That's the hardware allowance, read, the ethernet card on 100 Mbit rate can't transfer more.
For a start a 250-300 Gig hard drive will do the job. It has to be extremely fast, though.
You can start with an dual or quad core if you, know your site will grow fast, be prepared that this will not be enough. For RAM, that's hard to answer. 4gigs the very minimum. The more the better. so maybe 8 for as start would be recommended.
These for the start, when your server doesn't fit your needs, you will add another one and a load balancer, then add another one as your site grows, and so on.
It's pretty hard to think this fast about everything. :)
For example, the webserver should be Apache or if you don't serve too much dynamic content, then lighttpd. The OS should be a stable Linux distro, I recommend CentOS for everyone. Then, Mysql latest, php latest and bundeled in Apache or lighty, etc...