U would need license..........
better you buy time slots from popular FM stations in ur town.
infact hobby FM transmitter kits are available which can transmit below 1km or so
check EFY's *kitsnspares.com/ for such kits.even available at popular electronic spares shops.
@slugger ..... nice 1 .....
its really cool , u enter campus & u tune-in 2 ur college DJ ..... WOW ....