Podcasting and Pirate Radio
In particular, it would insanely easy for one guy to create a great pirate radio station, with awesome content, by just using podcasts. I mean, that's what a podcast IS right? A pirate radio recording for the internet.
It's a sort of citizen journalism and it's uncensored and unedited by a regular person putting his or her thoughts into audio form and putting it out there for anyone to hear.
Sounds one hell of a lot like pirate radio to me.
Now, take a 160GB hard disk and FILL it with podcasts that you've downloaded from the net. Music podcasts, current affairs, politics, what have you. Put that disk on a computer, hook up the computer to a transmitter and antenna and you've got some GREAT radio.
When you feel like doing a show, head over to the transmitter site and do one. When you don't feel like it, let all that great citizen jouranlist generated content just run.
I would bet it would be the best radio station in your town, bar none.