how to integrate audio streaming on drupal website?

1st consideration for live broadcast is bandwidth.

how much bandwidth do u have?

if u have big bandwidth, u may use 1-N C/S method. Otherwise, u may have to consider p-2-p.

Drupal isn't a "streaming" server - you would need something like shoutcast to do that (http://www.shoutcast.com/). If you want something commercial, you can easily write a module to upload and play via cdn. However, playlist support for streaming can be done easily with m3u support (google m3u streaming mp3s or something similar). The previous posted is correct about the bandwidth however - it gets expensive! You might be able to look at options like Amazon's S3 to host the files, but it's $0.15US per GB for the actual streaming. Hence something like shoutcast, where costs can be centralized.

If you want to embed audio files into Drupal, and post archives, which is what most radio stations want to do with their websites, you could easily use the audio module to do this:
http://drupal.org/project/audio

This module also includes a flash player that embeds itself into the site (it's super easy to play audio files, you just click the play button once they're uploaded). The audio module can be automated to process audio from a streaming server via cron, though human editing is often needed (we've done similar, with approval queues - a bit of work however). That's kind of advanced.

Drupal definitely supports audio, including m3u support (http://drupal.org/node/93968 for example). But, do consider whether you want archive or streams, as the specifics here will drive the answers to your questions.

I think this is what you're looking for.

--------------------------------------------------
WorkHabit, Inc.
We make business social.
http://www.workhabit.com/

Here's my recipe (advanced) https://dgtlmoon.com/running_internet_radio_station_drupal

We at ParallelDevs developed this module https://www.drupal.org/project/audio_streaming_player
that you can si in action at guanaradio.fm