In this thread you will find a step by step guide as to how you can stream radio to your xbox 360 console.
Firstly you need to download TVersity which can be found here.
Secondly install TVersity and any other extras you want that come with it.
Thirdly open up the program and press the big '+' sign and fill in the information, for example:
Next press submit and 'SOG Radio' (or whatever you called it) will appear in the internet audio section.
Lastly go to your xbox 360 console, press the xbox guide button and go to the 'media' tab. Go to select music and press 'A', find 'TVersity' and press 'A'. then go to songs, press 'A' find the radio station you want to listen to and press 'A' again and there you go, radio on your xbox 360 console.
I think you can also stream video as well so give it a go.
P.S. You will need your computer on while you want to listen to the radio.
If you have any questions ask me, either here or via email