Wishlists require no setup.

A a shopper just clicks "Add to Wishlist" instead of Add to Cart. They would then enter an email address and password to store their wish list under.

You can view your customer wish lists in your Admin tool under Reports->View Wishlists.

A great promotion is to do a "Win Your Wishlist" contest to announce the opening of your online store. Offer the monthly winner $X in free product from their very own wishlist. This is a great way to get people into your online store and gets them "shopping" for their wish lists.