I've asked my question in the title :).
Additionally, how much reputation will I need to do so, and what guidelines are linked with this?
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Yes, any user with at least 100 reputation gets the privilege to create new chat rooms.
As the privilege page says:
When should I create a new chat room?
When you find yourself wanting to have an extended conversation about a topic that is not covered by one of the existing chat rooms, you should create a new room for it.
And finally at 1000 reputation you can create gallery chat rooms - these are rooms where you (as the owner) can decide who can and cannot talk.
For those too lazy to click the link: it requires 100 reputation to create chat rooms both here and in the main SO site. :)