Internet Radio

It has been brought up to me to create an internet radio station. Could you give me some in site into the technological side of this.

(i.e. -Could I use a blog as the webpage?
-Is 250GB of Bandwidth enough + regular HTML email and normal web browsing + Games.
ect.)

I would run this off a custom built PC with an AMD 64 X2
1 GB Ram
10/100 LAN
B/G WLAN