IRadeo is free online PHP based radio platform which allows you to create your own personalized streaming platform for your web site. All you need is to upload the package to your website ( you will need a PHP based host ) and tell it where your files are located. The audio could be in WAV or MP3 format. The best part of this is the script is free of cost.

Key Features:

• Streams – Supports both MP3 and WAV file formats
• Auto-Detects – Auto detect MP3 file information through the ID tags (both ID3v1 and ID3v2) and will display in the player
• Customization – Easy to customize through a single CSS file
• Embed – Easly allow listeners to embed your player on their site with just few lines of code
• Shuffle – Option to allow files to stream randomly (no file from same single artist or album will be played twice in a row)
• Limit Skips – Option to limit number of skips allowed per session.
• Auto-Play – Option automatically start streaming once page is loaded

The only thing is you need to have a web site for it but its useful if you are looking forward to make communities and allows them to upload their music and share. The possibility can be immense. You can check out the specification page for more details.

I am yet to give it a test but will be doing on the weekends for sure.