With Eqemu, you can run your own EQ world, editing (almost) everything in it. EqEmu can also allow you to play on various opened EQemu servers, with many other players on em... (test Alkora, they do a great job and are nice peeps!)
to make it work at home, you ll need to run a mysql server (database) where you'll upload the world datas. You'll also need to run a login server (minilogin), the world server (world.exe) and a few zone servers (zone.exe). Read the Readme (!) from
www.eqemu.net to learn more about that.
Keep just in mind that even if developpers here make an excellent job, EQemu is not yet finalized and not everything is working... in fact, its the reason why that project is so fun to follow
there's a few tutorials in that forum which will lead you to your home Eq server...