A "C&R" is a license to collect (purchase) certain firearms without going through a regular FFL. It is NOT a dealers license, although occasional sales are allowed to maintain your collection.
Generally, guns over 50 years old are eligible. More here...
http://www.fo.com/firearms/sgn-cr.htm
As far as "hoops", not many to get your own. Info in the link and from ATF website. Pretty easy & pretty cheap.
Downside: You're in bed with the Government...bothers some folks.