So far, it seems pretty easy though it's much too early to declare success with my little project here.
In addition to your bottle of saltwater and air hose, you'll need fertilizer, light, and a some live phytoplankton to start the culture.
The tried, true, and proven fertilizer formula is called Guillard’s formula. You can get it here under the name Micro Algae Grow:
https://3kserver7.com/~frank/secure...25.20021*Q83K87&product=MICRO_MACRO_NUTRIENTS
Some people have used Miracle Grow with apparent success. I'm hesitant to use it though because if I remember correctly, it contains lots of ammonia. This isn't going to hurt the phytoplankton (In fact, I would bet the phyto actually PREFERS ammonia over nitrate as its nitrogen source). My concern with it is, if you accidentally harvest the phytoplankton before the ammonia has been consumed it could hurt whatever lives in the tank you're feeding.
For light, I'm using a $7 fluorescent shop light from Home Depot with two GE 6500k bulbs. I think the bulbs were $6 for the pair. Just about any full spectrum fluorescent bulb should work. I think some people even just set the bottle in a window and use sunlight. The lighting side of things seems to be pretty forgiving from what I've read.
For the live phytoplankton starter, you can use DT's but there's a caveat. DT's now contains three different species of phyto and you don't know which one you're going to get. One of them will end up outcompeting the others. I didn't much care for the first phase of this experiment. I just wanted to see if the fertilizer mix I cooked up would actually grow stuff.
I'm picking up some Nannochloropsis oculata today from a fellow reefer though so I can get a better handle on how well my setup is actually working. If you can't find a local reefer to get a sample from, you can order cultures on disks or test tubes from various places such as here:
https://3kserver7.com/~frank/secure/agora.cgi?cart_id=7437325.20021*7-5Jx7&product=LIVE_CULTURES
This is the article I used to get started. It should have lots of good info for ya:
http://www.advancedaquarist.com/issues/aug2002/breeder.htm