http://sourceforge.net/projects/grandcentral/
It's called "grandcentral", but it's not quite grand yet. I've been using it for a few months, and it's stable. It's not pretty and it's a pain to set up new stations.
However, it does play shoutcast streams.
If you have some ideas for features feel free to drop them here or over on sourceforge.
I'm thinking about expanding it to do more, but I need to see what they have done with hijack first to see what I can snag from that so I don't have to repeat work. (Not that I did much of anything original for this, it was mostly snagged from other code.)
Instructions: Burn the iso to disk, pop it in, and pray.
Disclaimer: I had to take my rio apart once because I locked up the player... let others try if first if you aren't comfortable popping the cover and manually ejecting the CD.