If you done steeping grains with your extract kit, you'll find it very similar.
You don't necessarily need any extra equipment, depending on what you have now. I've done PM in a grain bag in my brewpot, and also used my bottling bucket. It really depends on the recipe.
For the last PM I did, I mixed the grains up and put them in my bottling bucket. I lined the bucket with an enormous mesh bag. (I make wine too, so I had a bag that fit my bottling bucket). Then I put the 165 degree water over the grains and stirred it up. I wrapped it up with a big towel and then a blanket over it. I let it sit for hour or so (I don't have the recipe handy right now, so I can't quite remember). Then drained off the wort, pouring the first couple of quarts back into the grain. Then I sparged, adding the water and stirring and letting it sit for about 10 minutes. Then drained that. Then, brought that up to a boil and added my extract. There are several threads on this forum that have different methods. You can do it in a small cooler, a brewing pot, or something else. They all are basically the same. It's not difficult at all, and I'm sure lots of others can give you advice on this.
Lorena