I have been so tempted to get a Raspberry Pi just for the fun of it. I was hoping they would push a speed bump but I guess not. I was at the book store they other day (yeah they still have them) and saw a Raspberry Pi magazine with projects. Looked pretty cool!
I would think the Pi has enough horsepower/memory to run icecast or a shoutcast server. Since the Pi runs a bunch of different *nix based distro's it should be able to run them. You might even be able to have it be the media source as well. You would be limited to the 64GB storage card or I'm sure you can implement samba and use audio files stored on another computer.
I think it's time we get a Pi. There is a company in europe that actually does Pi rental/colocation.
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