There are numerous alternatives and at the time of writing there are various laws being chewed over that affect this field so keep an eye on the news.
It looks likely that as online radio is heavily legislated (and the fees go through the roof) that more P2PRadio (P2P is Peer to Peer for those who were wondering) will become increasinly popular as they are difficult to trace as every listener effectively becomes a broadcaster.
2. Download WinAmp 2 if you don't have it from classic.winamp.com - PeerCast won't work with WinAmp3.
3. Grab OddCast OddSock: OddCast - this is what you will use for streaming.
4. Follow the instructions from The PeerCast/OddSock Windows Broadcasting Guide - this will walk you through all the steps. The important thing to do is use Ogg Vorbis - this doesn't affect the medium the music is played in just the encoding of the stream (so you can still use your MP3s). This is the technique that we have found gives the best results.
OpenP2P.com - a site that covers the whole P2P area and does a good job of keeping its eye on P2P radio broadcasting including this article: Internet Radio the P2P Way which gives a good overview of the 2 main P2P systems (Peercast and Streamer).
