WXYC 89.3 FM, the college radio station of the University of North Carolina at Chapel Hill. It has been on the air since 1977 and currently broadcasts at 400 watts.
Like most college radio stations, it is notable for its eclectic mix of modern indie rock, hip-hop, world music, and just about everything else. Also notable is the fact that we (yes, I am a proud WXYC DJ) had the first live internet simulcast of our stream starting in 1994. This became the basis of a rather poorly worded Jeopardy! question in April 2004.
Since 'XYC is a free-format station, not only will you hear that eclectic mix of music, you will hear it all confusingly jumbled together in any given hour. There are a couple specialty shows which are exceptions to this rule, most of which fall on Sunday. These include the Indymedia news hour, a local music show called the Backyard Barbeque, and an ambient music block called Broken Music.
If I've enticed you enough to get you interested in listening, there's streaming Ogg Vorbis, mp3, and RealAudio 24/7 at wxyc.org.
Info taken from personal experience and http://www.wxyc.org. This is my first writeup, I'm so dang proud.