I am using Shoutcast so not sure what the difference is with icecast.. probably not much difference.
I am also using a third party to serve my stream ( listen2myradio(dot)com ).
I managed to get the text above the player as i am using it in a page rather than using the sidebar. It would be usefull to get it below the player though or even get rid of the text all together.
With shoutcast and a third party server the set up is very easy.
1. set up an account with listen2myradio.com ( free ).
2. they supplie you with the ip address and port to fill in under shoutcast.
3. set the page you want to use shout stream in wordpress and add the ip address for your server as in #2 and port. Save and that’s it.