Ooooh just gotta say somthing.
Im currently working as part of a team setting up a student radio station in the Uk, both broadcasting over AM and also over the net. The advantage for us is that we are able to take advantage of the University's extroadinary large connection, the pipeline is fatter than Pavoroti after a Mcdonalds lock in. So we are able to stream extreamly good quality over the net.
From reading this it all sounds very cool. However the first thing i would say is becarful not to underestemate just how much time this takes, and if its a 24 hour broadcast as we are doing with 'the hub' (name of station) then you need one hell of a lot of content, and or a good automated play out system. We are currently using Myriad (unfortunatly not available on mac to my knowledge)
My gut feeling is that you would struggle to find much in the way of content that people would want to listen to. There are allready 'mac radiostations' including "inside mac radio" - (can be found fia
www.macminute.com).
A nice idea but practically i see bit problems, not that i want to dull your enthusiasm