You can add streams to it for your local stations if they are of the mp3 variety + a couple of other formats.
Tip:
Go into itunes, find a stream OR copy and paste the stream of the station you want into itunes, basically get it working in itunes, if it works, then type then url into fstream and it should work fine.
I did it for a local college station, works good, some stutter depending on bandwidth etc.