Live Broadcasting / Online Radio?

Hello, I have a shared web hosting account with Godaddy. I have used shoutcast and icecast before on a computer in my home. Now I am interested in putting shoutcast/icecast on my shared web hosting.

I do have SSH access so I am able to install/configure the required programs. It is a linux server.

My question is what should I do if I want to do live broadcasting, from my pc, as well as stream music stored on the server. I need a system to switch back and forth and to 'DJ' the music playing. Does shoutcast & icecast fit my needs or do I need some other program? Does anyone have any suggestions as to what programs/utilities I will need?

I am basically interested in an online radio station. I have heard of services that provide this for a cast but as I already have a server I do not want to pay for another service. Does anyone have alternatives or solutions that are free?