Hehe, I like it. Not too far from what I had in my head, except for one thing that might be a problem.

The media player you see in my screenshot is an actual media player, and if you expand the form you can see it's 'video part'. If the user chooses Video he'll get a webcam stream instead of just the radio stream, so I need some place to put the webcam... I can't see any room for that in your sketch, and that is basically the problem I keep running into with my own ideas. I like to have the controls centered on the form, but the center must be basically empty to allow for the webcam :\