It is possible to use WMP10, but you don't use Windows Media Player 10 to stream the audio, but to act as a client to listen to it.
You'll need to download Windows Media Encoder. Currently, they only have a WME version 9. However, any version of WMP 7+ can act as a client.
Basically, the program allows you to setup a local media server, and stream video files, live videos from capture devices, audio files, or live audio. If setup correctly, a client simply connects to the media server (the machine) using WMP. The client would go to open in WMP and type the address of the machine.
Once connected, you're streaming away! There might be a slight delay though. The WME 9 has to encode audio and video files to either Windows Media Video files or Windows Media Audio files, so encoding will drain most of the CPU, of the 'media server'.
You can also use Winamp and SHOUTcast. However it is slightly more tricky. However, it uses less resources and streams MP3s effortlessly as they are, without the need of encoding.
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