Puede utilizar el siguiente código html para colocar un player de Windows Media en su página web, solo cambie IP:PUERTO por la ip y el puerto de su radio.
<object width="100%" height="53" classid="CLSID:22D6F312-B0F6-11D0-94AB-0080C74C7E95" codebase="http://activex.microsoft.com/activex/controls/mplayer/en/nsmp2inf.cab#Version=5,1,52,701" type="application/x-oleobject" name="MediaPlayer1" standby="Conectando con Radio Cuchara" id="MediaPlayer1">
<param name="filename" value="http://IP:PUERTO" />
<param name="displaysize" value="1" />
<param name="showcontrols" value="1" />
<param name="showstatusbar" value="1" />
<param name="showpositioncontrols" value="1" />
<param name="showaudiocontrols" value="1" />
<param name="showtracker" value="0" />
<param name="showdisplay" value="0" />
<param name="showgotobar" value="0" />
<param name="showcaptioning" value="0" />
<param name="autostart" value="1" />
<param name="autosize" value="1" />
<param name="allowchangedisplaysize" value="1" />
<param name="animationatstart" value="0" />
<param name="transparentatstart" value="0" />
<embed width="100%" height="53" type="application/x-mplayer2" pluginspage="http://www.microsoft.com/Windows/Downloads/Contents/Products/MediaPlayer/" filename="http://IP:PUERTO" displaysize="0" name="MediaPlayer1" showcontrols="1" showdisplay="0" showstatusbar="1" showpositioncontrols="1" autostart="1" showtracker="1" showgotobar="0" showcaptioning="0" autosize="0" animationatstart="1" transparentatstart="0"></embed></object>