Yeah, it is, at least here. But they only shut you down if they find out, you dont go to jail or anything, it happened to the old radio station but they just bought a liscence. what do i need for just internet radio?
Lets see you will need to find a host for your station, pay for a high speed connection, maybe get a dedicated computer, a source like CD player, a good microphone, and would probably have to pay a fee for the music you play. It could get expensive.
Yea you need a server with alot of bandwidth, a home connection with a good up speed , pc/laptop , some software traktor / virtual dj , mixer/controller for software , decent microphone , soundcard or extenal soundcard with mic , cd player inputs , speakers / headphones.
If you want to do fm then it becomes alot more expensive, your need a licence and will have to pay fees for the music played, you will need a powerful transmitter , aerial.