If you want to model floods you will need two things:
Set up an hydrology model such as HEC-HMS to estimate your storm peak flow. Part of the model can be developed in GIS using ArcHydro and HEC-geoHMS.
Then once peak flow is estimated, Create a HEC-RAS model and run a steady flow analysis to estimate flood depths and extents. Hydraulic model can be developed in GIS using HEC-geoRAS
These extensions are public domain and can be downloaded from the US Corps of Engineer webpage.
Datawise, for hydrology, you will at a minimum need a DEM, stream layer, landuse and soils. Additionally, you will need rainfall data and flow data if you wish to calibrate the model.
for hydraulics, landuse, for mannings, DEM to delineate floodplain and cut model cross sections. However, a TIN is preferable to a DEM to extract the cross section profiles.