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I think its a great idea. But there are two obstacles:
1) Relay (server) for the radio stream. I know first-hand that online radio, even up to 25 listeners simultaneously is extremely bandwidth intensive. This would have to be taken care of for it to be possible.
2) Source for the radio stream. Someone will have to be in control of the radio program (music, commentary, etc) and stream it to the relay server. Someone would have to be responsible for this position aswell.
If those two things could be tackled, then there would be no problem in putting up a TN radio station.
well this site sets up a kind of radio it lets the admin upload songs into it and plays them on the site it is $25 after the free demo you could check it out I guess http://www.wimpyplayer.com/index.html
It's now illegal to broadcast music across the internet without paying royalties just like a normal radio station.
I would stop thinking about it...
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