You can certainly purchase the equipment to make your own but for the costs of the equipment it's a much wiser investment to just purchase them from a business specializing in such decals. Waterslides are by far the best but have a learning curve. Once you get the hand of it you'll never go back to peel and sticks.
Most of us use
http://www.decalconnection.com
They have great prices and great service. Unless you are going get into selling the stickers as a business or you plan on turning out 10 plus rods per month it's much easier to just buy them from here.
Here are some Decal Connection waterslides
