Finch, it depends on your state. The Federal law only requires you to get a "tax stamp" for it. You'll have to give fingerprints, pay a $200 tax (on about $50 worth of metal and machine work) and wait a long time, but it can be done. You also need the permission of your local chief law enforcement officer. Maybe you might as well ask him about the law now. You might be the first person to ask him, but then again, you might not. You may have to work on him to get him to sign off anyway.
The problem is your state law. I don't know Nevada's law, but you can probably check it at
http://www.packing.org
Illinois law explicitly bans "machine guns," silencers/suppressors, SBR's, etc. A lot of states don't, though.
When the GCA'34 was passed, it was intended as a practical ban. Back then, the $200 tax was considerably more than a brand-new Thompson, which I've seen in ads of the time for $150. Other machine guns were much cheaper, especially war trophies.
Nowadays, since the passage of the Firearm Owners Protection Act of 1986, it's illegal to manufacture full-auto for civilians, so the supply of machine guns has been static for the last 17 years. Prices have shot through the roof, and anyone who can afford a full-auto at today's prices should easily be able to afford a $200 tax. Suppressors are different; they cost a lot less to make and most people don't want to pay that tax to own one. Imagine paying a $200 tax on every full tank of gasoline and you'll have an idea of the proportion.