You can quite easily broadcast live audio on the internet and it can consist of recorded items (Eg. Your MP3/CD collection) plus live content (Eg. Your voice via a microphone). There are 3 basic stages of internet
Radio Broadcasting Software
A list of a few Radio Broadcasting Software that can be use to create your Internet Radio Station and are compatible with shoutcast and icecast systems.
Why Audio Streaming Latency?
Audio Streaming Latency exist on any radio stations (terrestrial) or tv station has a delay. what you listen in your radio is close to real time but is not real time has a delay. All depends of the time the signal takes to send the audio and the time takes to get to your car by air.