Someone asked if this was possible on my Twitter stream the other day. Thought I'd log my answer here for good measure.
It's true, streaming radio stations can be added to playlists in iTunes. Click the "Radio" tab in the iTunes 11 navigation bar and find an interesting station. Begin to click-and-drag a station name and a dynamic playlist menu will automatically appear. Drop the station onto your playlist of choice.
Once built, you can use the media control keys to skip forward and backward between stations (a bit glitchy in iTunes 11), so put them in an order you think you might want to rotate through.
If you open a station via a playlist file downloaded from the web link, it will appear in an "Internet Songs" list in the lefthand sidebar. You can drag stations from one playlist to another to sort as you'd like.
Most of my favorites are from the internet treasure that is SomaFM.
- BagelRadio from Soma FM (best alternative station I've ever heard)
- cliqhop idm (groovy glitchy electronica -- helps me find focus during distracting work days
- Indie Pop Rocks! (if I need something a little poppier than Bagel)
- Space Station Soma (for falling asleep...mostly)
- The Current (public alternative station from Minneapolis -- for feeling connected to the world and hearing other humans talk on lonely work-at-home days)
If you know of any must-listen internet stations, let a guy know, yeah?
Update: Someone wrote in to my Tumblr asking about streaming stations showing up in your Music list, which I imagine would be annoying if you use iTunes for MP3s (I don't). I offered an answer with a few options for getting them out-of-sight and out-of-shuffle.