I have being playing with streaming audio. Before anyone asks I do not want to set up a pirate radio station.
I installed icecast on my CentOS VPS and with simplecast on my laptop and a mobile broadband conection I can broadcast live audio on a website from pretty much anywhere.
The reason for this is because I play in a band and no local band that I have ever heard of have the ability to play their gigs live on their website, now we do.
Using a 64Kbps stereo stream is perfect comprimise with quality and suitable for use with most connections.