I am hosting a bridal shower for the bride to be who is marrying the son of a good friend of mine. Am I supposed to also buy her a shower gift??

As well as hosting the shower, yes, you should provide a shower gift as well.

Yes, you are to get a gift also normally

Yup!

Yes, there are lots of very nice gift ideas at this web site:
DELUXE FAVORS - Unique Party Favor Ideas (http://www.deluxefavors.com)