Ah , I have been down this road myself :-) ...... I can give you a few words of advice......
- As far as the server itsef , it really doesn't need anything spectaculer in regards to hardware & specs.....a box running XP with 512mb of RAM would suffice...so your server should be fine
- Bandwith - you are going to need ALOT of it if you are streaming more then 64kb's....typically if you are playing any sort of music you stream at 128kb....so make sure you have a hefty data plan!
- For the server itself , use the "Shoutcast" software for hosting the station....it is easy to use , has plenty of support and documentation....you can literally have a station up in 5 mins!
- For broadcasting you can use the Winamp program with the "Shoutcast DSP" plugin...but if you are playing alot of music , want advertisments and like to DJ I would recommend something like "SAM 4"
Just a quick overview to get you started , all you really have to do is download the shoutcast server software , edit the config file - which includes the admin password , the port to broadcast on , the max number of listners you want etc..........
You then need to do some port forwarding, opening up the port on your router and sending the connections to your server....actually doing it is easy, but it varies by router model, you can use this site for a step by step, just select your router , and then select "Shoutcast" http://www.portforward.com/english/routers/port_forwarding/routerindex.htm
From there you launch the server program , and connect to the server with Winamp or SAM....and now your on the air!
SHoutcast documentation to setup DJ and server:
I have alot of exp. with this , you didnt really specify a specfic problem or question , so if you need anything else be sure to leave a comment here and I can help you even more!