You have to use IP address and port from a location that actually broadcasts audio in the proper format (G.711, using 20ms packets).. so in your case the radio station.. though does it really broadcast in the proper format? G.711 is uncompressed but of rather poor quality.. I thought web radios used higher quality formats that were compressed.. so that would be a nogo for you. If you want to stream a web radio to your phone, first make sure it's legal (it may not be legal to rebroadcast radio on your company intranet), then you need a PC that receives the stream, and that converts it to G.711 and rebroadcasts it.. then you have your phone listen to the rebroadcast stream and the IP you'll have to listen to is the one of the PC that does the rebroadcasting (or the multicast address in case you're doing multicast).
Now for a working setup: assume your PC that does the rebroadcasting has a soundcard. Set up a webradio on it, connect the line out of the sound card to the mic in, then use a streamer like this: http://forums.cisco.com/eforum/servlet/NetProf?page=netprof&CommCmd=MB%3Fcmd%3Ddisplay_location%26location%3D.1dd5d0da to rebroadcast. (you'll have to edit the code somewhat because it's meant to broadcast audio files, but changes are rather simple and you'll find plenty of JMF examples that you can find on the official JMF webpage).
I suppose that's not the complexity you've been looking for, but I'm afraid the whole thing isn't exactly trivial.
