How to set up private server for myself and friends?

[CrunchyPants 0]

I want to set up a private server for myself and a couple friends, but I have a few questions...

1) Can I run the server and my client at the same time?

2) Will I/ Can I have admin powers on my own server (spawn guns, food, etc.)?

3) How will my friends connect?

4) How will I set up the server?

Thanks

[Chris529 380]

Not sure if you can do this, you need a very good computer and internet bandwidth. I hope it's possible since I also want to try this.