The upload speed is most important (and most expensive) when hosting. Also as player I suggest a minimum upload speed on 128 kb/s.
To check your speed: Do a search on Google for "speedtest" or "speed test". Make sure it's near where you live. Your ISP (Internet Service Provider) should really know the speed you're paying for.
You can check your TCP/IP setting here (more important than ppl thinks).
http://www.speedguide.net/