Does the iPhone Support Aac and/or mp3 web streams?

[bobber205]

I LOVE to listen to web audio streams usually in aac or mp3 format.

Are there any apps, paid or free, that will allow me to do this over wifi on the iPod Touch?

 

[lukenorris]

I know... all the cool apple stations on itunes are missing and the police scanners I listen too!