Does anyone knows how a radio station can play live on internet.

I am ready to create a website for a radio station with this option, but i don't know how.

Are there any special hardware and software requirements and how can i use ASP for this?

Thank you all in advance!

ASP wouldn't be suitable for this task.

Check this link for more information about setting up your own online radio station:
http://radio.about.com/library/weekly/aa013003c.htm