I'm not sure that you realize how much work goes into producing a magazine worth purchasing.
The design alone (On a 18 page magazine for instance) would take several people (3-4, so 6 spreads or so) probably 60+ hours to create a decent set of spreads. No one will buy white pages with text, you need attractive pages that take a lot of time to create.
Several editors to select and edit content.
Many writers to write articles to compete for publication. [Editors job to select]
You need PHOTOS and other PUBLISHABLE MEDIA. You cannot just pull artwork from people's flash, the site, google, w/e without their written/expressed permission. And without this there is no design and thus no magazine.
You will be lucky to get a handful of paying subscribers. NG has a very low age demographic and thus it is unrealistic. You would be better off trying to sell ad space and that is another whole deal.
You need to know how to use: Photoshop, Indesign, Adobe Acrobat, Word, and probably Excel (to manage finances).
You would need a Paypal, a great deal of paper work to get users to sign away their rights (just in case), and possibly tax forms. Also an issue would take a GROUP OF PEOPLE (say 12-20, writers to designers) easily 100 hours per issue.
And finally: Are you qualified to be the editor-in-chief after knowing all of this? Honestly? Not to crush your dreams but this is the reality of the matter. Now if you just want to do a for fun thing online then by all means do that, but if you want to get serious then think seriously. Also...Print Media Is Dead. :D