For the banner, anything will be good. I'm thinking of a 600x80 banner (can be larger, up to 700x80). You can choose whatever color scheme you want and the font. The core text should have something close to:

Live Rapbattles.com Freestyle Battles

if you need any additional text, you can use the ones below or make something up yourself

Think you are big time? Come and spit your rhymes
Live battles over the internet
The net's first live battle server (I think? Haven't seen anyone else doing it)

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-Kalvin