#My second life license
Remember that streaming copyrighted music across the internet requires a license from your relevant national licensing authority. Try searching Google for a list of other available hosting solutions.
Due to the amount of bandwidth required for multiple streams, the price of streaming can vary.
#My second life software
You can either set up the server software on one of your own servers or pay someone to host it. The two most common streaming server systems at the moment are a Shoutcast and Icecast. The relay would then stream multiple copies of the music into SL. You would send a single stream of music (around 6-8k/s) to the streaming relay provider. Therefore to stream your own music you would require a streaming relay provider.
With around 5 users connected you would using most of the bandwidth of a standard DSL line. Unless you have a large amount of bandwidth available, using your own machine as a streaming server is not really an option. It is possible to stream your own music from your computer into SL. Streaming your own music into Second Life 4.2 I can hear the stream in an MP3 player, but not in my parcel!.4.1 I can't get any sound input/output into the encoder/plugin/program.3.3 Alternative to using WinAmp - SimpleCast.3 Sending your live stream to a streaming relay server.2 Streaming music into Second Life from an Online Radio Station.1 Streaming your own music into Second Life.