It depends. The type of gun (Reduced Pressure 'RP', conventional high pressure, or High Volume Low Pressure 'HVLP'), the nozzle tip size and the paint viscosity all determine if and how well the paint will atomize.
An HVLP sprayer doesn't require a separate air compressor. RP and HP guns need a compressor with an air supply rate of between 9 and 12 cubic ft per minute free air delivered (CFM FAD) and also a moisture separator. Paints must be thinned more for HVLP spraying than with RP/HP guns.
Viscosity can be determine using a viscocity cup. I use a screwdriver to see how the paint drips. If the drips are stringy, it's probably too thick to spray.
What paint do you want to use and what finish are you after?
cheers,
Ike