You can cobble together a system out of
individually purchased parts for about $150.00 or you can purchase a
complete aquarium specific ready to go system for $300.00. If choosing
the latter you can skip most of the following.
You will need to buy the following parts: 
Plus optional parts:
The CO2 tank is the same used for
welding, beer taps, and soda fountains. The usual choices are 5lb.,
10lb., and 20 lb. tanks. My preference is for a 10lb. tank. It
obviously last twice as long as a 5lb., but it is not much larger in
physical dimensions. You can purchase new or get a used exchange tank
from a welding supply company much like using propane gas tanks from
convenience stores. When your tank becomes empty you simply return it
to the welding shop where they exchange it for a full tank. The
"deposit" is usually slightly cheaper than a new tank. Figure $50 to
$75 for a 5 or 10lb tank. The knob at the top of the CO2 tank is the
main control valve. The CO2 is held in liquid form inside the tank at
about 800-1000psi. In order to use the CO2 you need to be able to
reduce the pressure so that the liquid returns to a gas and the
pressure is reduced to about 1-3psi. This is accomplished with the use
of a CO2 regulator. The regulator attach's directly to the CO2 tank. It
takes the high pressure (1000psi) and reduces it to a more manageable
and lower pressure of 10-30psi. The regulator has two gauges, one for
the tank pressure and one for the regulated out flow pressure. The
first gauge is used to monitor the tanks contents. As long as there is
liquid CO2 within the tank the pressure will remain at or near
800-1000psi, once all the liquid is used, and all that remains is gas,
the tank pressure will begin to drop indicating the tank is near empty
and in need of a refill. Most people decide to refill when the tank
pressure drops to 400-600psi. For a 75g aquarium a 10lb. CO2 tank
should last at least 6 months between refills. Returning to the
regulator, it reduces the pressure down to 10-30psi, this is still to
high for our use. To further reduce the flow we add a needle valve
after the regulator to fine tune the out flow to 1-3psi. This equates
to a small bubble of CO2 of about 0.5 to 2.0 bubbles per second of CO2.
This CO2 needs to be "bubbled" into something that allows the CO2 to
efficiently dissolve into the tank water. This unit is called a
reactor. A CO2 reactor can be anything that allows greater contact with
water to hopefully fully dissolve the bubbles of CO2 being added. CO2
reactors can be DIY built for about $10 that run off the flow of a
canister filter or they can be purchased for $30 to $75. Alternately
you can use a ceramic diffuser that takes the CO2 bubbles and breaks
them into a fine mist that almost full dissolves before reaching the
water surface.
Additionally you should purchase silicon tubing
for running between the regulator and the aquarium. Also, while not
absolutely necessary, a bubble counter is a nice option to install. The
bubble counter offers a visual reference for the degree of change you
make in the flow of CO2 and it gives a constant visual check of system
performance. Bubble counters are a simple DIY build too.
Milwaukee
makes a pretty good all in one regulator for about $100. This unit is a
dual gauge CO2 regulator with a needle valve, bubble counter, and
solenoid already installed. The solenoid can be used to turn on and off
the flow of CO2 with either a timer or a pH controller. All you would
need is some silicon tubing and a reactor. Some people (myself
included) use CO2 resistant tubing though the extra expense may be
unnecessary.
When you inject CO2 into your tank some of the CO2 forms carbonic acid. Carbonic acid will lower your pH while the KH remains the same. It’s the differential that determines how much CO2 you have dissolve in your tank. It's best to dissolve enough CO2 in your tank water to drop the pH 0.6 to 1.0. This results in CO2 levels of 15-30ppm...20-30ppm is a better range in my expereince. I try to shot for an ending pH that is a weak acid in the 6.6 to 6.8 range though higher is fine too. If your beginning pH is too low, like 7.4 or below, you'll want to increase your pH slightly so that your ending pH isn't too low. You can add calcium carbonate to increase GH, KH, and pH. Or if you don't want to increase the GH you can add sodium bicarbonate (plain baking soda) to raise the KH and pH only. Most fish will be perfectly fine in a weak acid pH that is that way from carbonic acid. To determine the amount of CO2 in your tank you will need to accurately determine your pH and KH. Those numbers will be compared to a CO2 chart which will indicate the amount of ppm or mg/l of CO2 in your tank water. Note that using phosphate buffers or peat filtering will skew the results of these tests and therefore the CO2 charts. Avoid using phosphate buffers/regulators and peat filtering when injecting CO2.
Here’s a link to the CO2 chart:
http://www.tropica.com/article_fullscreen.asp?type=aquaristic&id=445
Here’s a link to show the individual components:
http://www.brainyday.com/jared/aquarium/discus/co2.htm
Here’s a link for a good DIY external Co2 reactor: