I think my new favourite web radio station is Pinguin Radio.
They're an independent radio station that play:
a mix of pop, rock, hiphop, reggae, folk, metal, and singer-songwriters
Their music mix includes "golden oldies but especially new music" and they "specialize in broadcasting and developing new indie or alternative music."
Besides, how could you not like a radio station with the motto:
No bullshit, great music
:)
Give 'em a listen. They're well worth it.