The idea to provide a streaming service of free content is - apparently -
not a new one. Apart from the old WikiCast project, Creative Commons have
been looking into starting something up. They're further along than
Wikimedia and in a position to run -NC material.
A mailing list for discussion has been set up here,
http://www.open-mesh.se/cgi-bin/mailman/listinfo/justfm/
The discussion on meta is at
http://meta.wikimedia.org/wiki/WM:RADIO
Brian McNeil