You've actually asked two questions, about two separate idioms, so I will answer them independently.
First, the "or what?" is an expression added to a statement to which one expects agreement, generally to add emphasis, or to challenge another to disagree. You are essentially saying, "If what I say is not the case, than what is?" Idioms By Free Dictionary gives us these definitions:
Added to a yes-no question as a means of emphasizing that "yes" is the correct answer.
a way of adding emphasis to a yes-or-no question the speaker has asked. (In effect, if it wasn't what I said, what is it?)
To paraphrase the announcer's "Did that kid stink or what?" I might say, "That kid's performance was really horrible. Does anyone disagree?"
Now the second part, "what it takes." This idiom refers to having either the skills and abilities, or possibly the will and determination, to accomplish a task. Again turning to Free Dictionary for definitions:
The skill, ability, or wherewithal to do something.
The necessary expertise or qualities needed for success.
Paraphrasing the announcer this time, I would say, "Maybe you are talented and determined enough to compete on this show?"