Yes, you will need a 3.3V power supply for the chip. A simple low-dropout fixed regulator to drop the 5V to 3.3V will do. Regarding the signal lines, it depends on the chip. Some 3.3V chips have 5.0V tolerant inputs and could be directly connected to the rest of the circuit. Some 3.3V chips do not and you'd need some kind of level conversion. Outputs might be able to be used as is. Inputs might just need a series resistor like 2.2K or greater. There are some cases where you'd need a level conversion chip of some sort.
Further to what Mike said, you need to check the data sheets carefully for acceptable voltage levels for the signals if you aren't using level converters.
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MacGeek117
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