Hosting radio on the internet

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I have come across radio stations on the internet.I am really very much interested in having a radio station on the internet. The problem is that I don't have the fuggiest idea about how to go about it. Will be glad to have ideas about all the neccessary issues involved: Cost,expertise involved, equipment (if any),regulations; the whole things needed. Thanks to you wonderful pple out there for taking out time to assist.