you're gonna have a bitch hiding a grow from your parents, which is what it sounds like you're doing. save up some money and wait until you can get a grow box or something like it. and, yes, an outtake fan is quite necessary as well as a hole or a fan for fresh air as well
ah. well, if it's 5 feet high it should be okay, don't know about the other dimensions, defnitely get a fan blowing air out of there, a lot of basements aren't easy to get fresh air in.