I'm not quite with you. Is this a live internet radio station? In that case you need to use Real Player or iTunes or what ever you would normally use.
You can of couse listen while you are using limewire, but possibly the use of limewire might cause quite a bit of buffering, as it might slow your computer down a bit
Limewire is not designed for that purpose, The Limewire player will only play mp3s (and not very well either)
I hope I understood your question and this helps.