Perhaps the question should be "what isn't out there?" There are hundreds, if not thousands, of radio stations on the Web. And as with conventional radio, it's hard to find something that you like. Your best bet is to use Internet radio portal sites, which contain links to some of the better content available, for your search. A listing of portals is included at the end of this article.
To get you started, here are a few interesting Internet radio offerings.
Live365 is what I call a quasi portal. The site contains links to countless stations broadcasting music in just about every genre. Everything from jazz to alternative to world beat. What's nice about Live365 is that it also lets you know the speed at which the audio is coming to your computer. MP3 is the preferred format here, and the folks at Live365 suggest that you use their proprietary player (although you can use any media player supporting MP3).
For music, I've found that nothing beats Iceberg Radio. Iceberg Radio presents a diverse range of music, from classical to raock and pop to jazz to country. And even within each category, there is a lot of choice. If, say, you're a jazz fan, you can select the hot jazz station, the classic or electric jazz ones, and more.
For news, I'm partial to the BBC World Service. Not only does the World Service offer hourly updates, it also presents some interesting short feature stories based on current news and trends.
I'm also a fan of National Public Radio. For years, I lamented the fact that I couldn't tune in. Thanks to the Web, I can now listen to hourly newscasts and shows like All Things Considered.
Fans of radio shows from the 1930s and 1940s should check out The Mercury Theatre on the Air. This is the radio troupe headed by Orson Welles, which created a Martian invasion panic in the 1930s. You can listen to some of the troupe's best work here.
As you can see, Internet radio has a lot to offer. More so even than conventional radio. There's so much out there that you may find the term "channel surfing" taking on a whole new meaning.