is this set up compatible with a pc ?

Yes, in fact, that's all I use it for. It's a very good product for both PC and Xbox 360.

do i have to buy a stand?

No, but it does have to be mounted somewhere. The wheel provides resistance that would be difficult to manage without mounting. Mine is mounted to my son's desk. It clamps to a horizontal surface.

Questions & Answers: Thrustmaster Ferrari 458 Italia wheel (XBOX 360 & PC)

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Thrustmaster Ferrari 458 Italia wheel (XBOX 360 & PC)

The world's first wheel with official licenses from Ferrari and Microsoft Xbox 360
Replica of the wheel on the latest Ferrari 458 Italia, star vehicle of Forza Motorsport 4!
11" XXL size (7/10ths of the original) with rubber texture cladding for optimal handling on Xbox 360.
Wheel-mounted sequential gearbox: 2 Ferrari GT-style metal paddle shifters.
Pedal set featuring pedals with long range of travel, plus realistic resistance and angle

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