Web Radio - you won't be sorry!

KCMU is the ultimate independent radio station

http://www.kcmu.org/listen/live.html

...why bother listening to anything else!?
Just in case you are fickle, here are other worthy college-format stations:

http://www.wxdu.duke.edu/

http://www.kplu.org/

http://www.wnyu.org/

http://www.colorado.edu/StudentGroups/KVCU/

http://wknc.org/

http://www.antennaradio.com/home.htm

http://realaudio.stanford.edu/index.html

http://oms1.berkeley.edu/kalx/index.html

http://www.lazer.com/

http://www.kdvs.org/

http://wmbr.mit.edu/