My UK university was broadcasting it's Radio station online in 2000, and presumably before, it was a desktop (tower) linux PC taking the studio output and running (IIRC) Icecast off a massive 10M internet connection from the University IT department.

More impressive to me was the FM license, which allowed people to pick up the station within about a mile of the campus.

I think there's still something to be said for the effort which goes into proper radio station - the scheduling, actually turning up to broadcast the (live) programs at a specific time, phone ins, news segments, etc, and the organisational skills to get 50 or so people working together on a single project.

Added! Though it looks like their streaming link caps the # of listeners at a pretty low number, so it might not load every time.