You can use a regular compound bow but the arrows are what makes the difference, they need more ummph. You need to strap a reel to your bow so that big one doesn't get away. Surprisingly you can bowfish during the day or the evening. Don't worry about the cost of the gear it's relatively inexpensive and you may be able to adapt what you already own. Here's a sweet video from PSE that gives you a little idea of what bowfishing is like. bowfishing texas
If you want to look into getting some bowfishing gear check out this beauty, this is just one of many bowfishing kits you can get.