I've been meaning to try this too, but haven't gotten to any actual experiments.  But I've read a little about it on some sites (mostly on sciencemadness.org).

You will need a distillation apparatus and a reflux column for this I think.  Decanting before hydrolysis is complete will give a mixture of ethanol and ethylacetate.  After hydrolysis is complete there will be NaOH dissolved in the ethanol.

A molar excess of NaOH is needed to ensure that all ethylacetate is converted.

From what I have read, performing the reaction is a little tricky, in that it may not start immediately.  When it does start, it generates heat, which accelerates the reaction.  So, doing this on a large scale and adding all of the NaOH at once will probably cause a mess, with the reaction running out of control.  Be careful.

You need to keep the ethylacetate under reflux, slowly adding NaOH as it is being converted.  When the NaOH is no longer being consumed, keep the reaction for at least an hour under reflux to ensure that the hydrolysis is complete.  Then you can safely distill off the ethanol. 

If the hydrolysis is incomplete, you're likely to get a lot of ethylacetate in the distilled ethanol, because the boiling points of both are quite close.

If you can keep atmospheric moisture out of the reaction and distillation, you should be able to get reasonably anhydrous ethanol.