To be honest, you can go to a pawn shot and buy a cheap compound, that was the first bow I got for bow fishing.
Recently I got a Browning® Barracuda™ Bowfishing Bow. As for the retrieve, I use a retriever pro bowfishing reel, it came with the browning bow I got. Its got the plastic piece with the nylon chord inside. Don't skimp on the retrieve, as having a nice retrieve makes life more enjoyable.
Also, you can get fancy and have a bunch of lights and a generator. Personally, I duct taped a spotlight to my bow. Its cheaper than a generator, and a lot quieter. It does get a little cumbersome having to point your bow everywhere you want to see, but sacrifice is well worth it.
My boat is a 15' flat bottom with a casting deck, similar to what he other guys have posted. Some people make raised platforms, so you can see better and have less water refraction to account for, but my rig works so I haven't gotten that industrious.
Its a great sport, when I lived in texas we could go to power plant lakes and kill the usual carp and gar, but occasionally you could run into a tasty tilapia and that was always a treat.
It's a fact that 70 percent of the people who purchase heavier tackle do so with the categorical I just lost a huge snook! Einstein Hairdo.The other 30 percent have either Tarpon Fever or are sporting a hand cramped into a claw from a deepwater grouper.