Setup a icecast server in a hosting environment then do your thing in Traktor. For live stuff a nice piece of kit to start out would be http://www.numark.com/omnicontrol
It has line in for mike etc.
Otherwise icecast can serve the tunes. I have no idea around music licensing though.
Hi Mezu, I don't plan on making a radio station anytime soon because of time restraints, but I'd love to see what you guys did for future reference. Does your documentation handle licence issues at all?