My college radio station, to which I devoted considerable time and energy (I lead the push to get turntables and a DJ mixer in the studio for live DJ mix shows), has never (since I've known it) had a webcast that actually worked. I'm happy to report that I'm listening to the mp3 feed right now (the real audio feed still doesn't work). The site could use a little work, and the webcast page looks like its from 1993, but all I want is to be able to listen... and now I can.

A couple other favorite non-commercial stations: kcrw (Santa Monica) and kexp (Seattle).