QUOTE(Cugirl)
I have 500GB/month
Is this with a web hosting service? What a hosting service calls bandwidth isn't technically bandwidth. If I'm supplying water for a city with a water tank, the amount of water in the tank is what a hosting service calls bandwidth (the amount of data available for transfer). This isn't of much importance for streaming.
If I'm connected to the city with small pipes, I'm not going to be able to move as much water there as I could with big pipes. This is what bandwidth refers to here, the amount of information you can move in a given time.
You can't, unfortunately, use a web hosting service for streaming. While Windows Media Encoder can push a stream to a server which the server can relay to listeners, only specialised servers are capable of doing this and few hosting services offer such a service. You're probably going to have to stream directly from the computer you're recording with. Bandwidth is the critical factor here.
To go back to the pipe analogy, people listening to your stream are like people turning on a tap. The more people who start using the resource, the more demand it's going to be under. If enough people turn on their taps my pipe will start to lose water pressure and eventually fail completely. The less bandwidth you have available, the less you can allocate to each listener.
As for the streaming itself, Windows Media Encoder is probably the easiest to use. Nearly every Windows machine has a version of Windows Media Player that will be able to connect to your stream without installing anything. On the recording end you just have to download and install Windows Media Encoder, choose your stream source (probably a microphone connected to the sound card in your case) and it will give you the port it is broadcasting on. You then need to find out the IP address of the machine you're broadcasting from. Once you have the IP address and port, you can list it on your website or however you plan on telling people and they can tune in through Windows Media Player.
Note that if you're behind a router or firewall (more than likely on a university network) broadcasting may be a lot more difficult.