Live365 is actually a very popular indie radio website. You can setup your own radio station using their website but it starts costing more money as you stream to more people live. There are quite a few good radio stations available through Live365 which you can now listen to from their free BlackBerry app.
They are currently up to beta 1.0.22 and it looks pretty hot. Currently it only supports the Bold, Pearl, 83XX Curve, & 8800 series devices. Not sure why the 8900 was left out… Let me know if you find any good stations to listen in to!
Thanks BrianD for sending this one in!