You can definately set something up, there's no reason you can't. But read my initial post and visit the forums. Those guys are scattered everywhere and will provide more insight than you could possibly imagine.
But no matter where you decide to set up or host, you still have US law, and every other country's laws for that matter, to deal with - especially if you want your content to reach everybody.
I don't think this board is the place to talk about this, other than to offer some quick advice. There's just too much to get into.
I guess I'll offer you another suggestion, and that is when you visit those forums, stay low. Don't begin to post immediately, but rather, read read read. When you get the jist of what's going on - like a week or so later - then introduce yourself if you're still serious. Again, those guys are tops, but they don't play nice when you ask basic questions like you're doing here (please take no offense).
I wish you the best of luck!

[Link]