FInished my first Rainshadow rod last month. All you need is 3 stands such as ones in the picture above with the V indentation. A helpful tip is a couple of pegs sticking out of them to place a rubberband on to put downward tension on the rod (see link below). I bought the cheap motor/stand from Batson for $48, but you can rig your own if you don't have the money. I hand built 2 other stands to match height.
http://www.batsonenterprises.com/wrapping-machineFor the threat wrapper system, I just used the popular coffee cup + stack of books technique. Put the thread spool loose in the coffee cup, pull thread out and wrap it around the cup handle once or twice depending on the friction of the handle, then through the pages of the book. How many pages sit on top of the thread determines the tension on the wrap.
One note on this method is that the thread is coming from the far side of the rod coming to you, while most all purchased wrappers will have the thread coming from under your chin heading away from you. This makes a difference if you are a newbie and are trying to follow videos as it does mean you have to wrap opposite.
If I had to do it all over again, I don't think I would do anything different. Of course, if you want to do a ton of rods, then you'll want a foot-pedal operated wrapper and one that allows for multiple spools (for thread weaving multiple colors).