можно...например, вот в этот код вместо выделенного вставляем ссылку на свое радио и вставляем код на сайт:

<OBJECT id="MediaPlayer" classid="CLSID:22D6f312-B0F6-11D0-94AB-0080C74C7E95" codebase="http://activex.microsoft.com/activex/controls/mplayer/en/nsmp2inf.cab#Version=6, 4, 5, 715" width="490" height="50" standby="Loading Microsoft Windows Media Player components..." type="application/x-oleobject" align="center">
<PARAM name="FileName" value="http://subjugatorofarcticocean.selfip.com:8090/">
<PARAM name="TransparentAtStart" value="true">
<PARAM name="wmode" value="transparent">
<PARAM name="AutoStart" value="true">
<PARAM name="AnimationatStart" value="false">
<PARAM name="ShowStatusBar" value="true">
<PARAM value="false" name="enableContextMenu">
<PARAM name="ShowControls" value="true">
<PARAM name="autoSize" value="false">
<PARAM name="displaySize" value="false">
<PARAM name="ShowAudioControls" value="true">
<PARAM name="ShowPositionControls" value="true">
<PARAM name="windowlessVideo" value="false">
<EMBED type="application/x-mplayer2" pluginspage="http://www.microsoft.com/Windows/Downloads/Contents/Products/MediaPlayer/" src="http://subjugatorofarcticocean.selfip.com:8090/" name="MediaPlayer" width="490" height="50" transparentatstart="1" wmode="transparent" autostart="1" animationatsta="" rt="1" showcontrols="1" showaudiocontrols="1" showpositioncontrols="1" autosize="0" showstatusbar="1" displaysize="false" windowlessVideo="true">
</OBJECT>