So far as I know you just need the Wii console and the boxed "wii fit" set that includes the "game" and the accessories.... they also have some add ons with more levels... Wii Fit Plus Buy Now You can get a used on on ebay if you want to save some $$... I don't have one, buy I've heard several people recommend it...
You might want to consider the Xbox 360 with a Kinect add on. Basically you can do more because there are no controllers. It uses a couple of cameras and infrared to follow your body movements. From what I hear the sports and excercise titles are as good or better than the Wii fit.
Yeah the kinect thing seems pretty cool... if you don't mind having a (potentially) government, Microsoft, or hacker monitored camera and microphone watching your every move in your own house 24/7 that is... :icon_mrgreen: you are essentially talking about setting up an internet connected video system in your living room after all.... :blueshock: