I am looking forward to writing a new interpreted programming language. I have a quite solid idea of what I want in terms of dynamicness, syntax, object model, etc, etc.
Now that I have the idea, I have a few questions before I start:
The answers to your questions depend largely on why you're doing this- the primary reason. Are you trying to create the next Ruby, or is this a learning exercise?
Specification: If this is a personal project, this is not as important. PHP gets a bad rap for having been developed "on the fly," yet many people use it every day. A more complete spec will probably help get people involved if/when you want help.
If you want cross-platform and performance, C is the way to go.
If you want people to join in, prove something first. Write a killer-cool application with your language and blog/talk about why your language is different/special/better.
Modularity of what, the language itself or the compiler? If you want to extend the language, a good spec will help (see #1.) The compiler should be designed with all the best practices in mind, which should help make it extensible.
I hear the Dragon Book is good for learning to develop compilers.
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