Existing users, 
Okay, so we understand now . . . do not even think of downloading Windows Media Player 9 for Mac OSX. "Just say NO". I don't understand why they don't remove that software from downloading as it is not the right tool anymore and Microsoft is providing a better alternative tool.
The easy and effective answer is to download the "FlipforMac" which is available from the same site (hiding under the name "wmp components for qt" at this link: http://www.microsoft.com/windows/windowsmedia/player/wmcomponents.mspx
Then, just launch good old Quicktime and copy and paste your radio streaming link (like we use to do) and add that station to Favorites inside QT and everything works just as before (except that we are using QT instead of WMP).
May WMP rest in peace.
Windows Media Player
Standalone Windows Media file player (superceded by Flip4Mac WMV).
Version: 9.0
DO NOT DOWNLOAD, but use FlipforMac via Quicktime instead
Feedback Type: Review
Contributed by: yep2 Tuesday, July 18 2006 @ 08:27 AM PDT
Product Platform: MacOSX
Used Product For: Less than a month
Comments
DO NOT DOWNLOAD, but use FlipforMac via Quicktime instead - lmpeterson
FYI - Flip4Mac only works with OS X 10.3.9 up, not with 10.1 and 10.2.Thursday, November 30 2006 @ 07:41 AM PST
DO NOT DOWNLOAD, but use FlipforMac via Quicktime instead - zms007
AWESOME THANKS 4 THE INFO ON FLIP 4 MACThursday, January 11 2007 @ 07:23 PM PST
DO NOT DOWNLOAD, but use FlipforMac via Quicktime instead - knarfknarf
Just installed leopard 10.5.5 from 10.3 and upgraded to 10.5.6. Result: No more WMP working. Your tip worked perfect. THNKX! Even better for listening to radio, fast rewind is mow much more easy. Hail Quicktime.Wednesday, December 31 2008 @ 07:00 AM PST
DO NOT DOWNLOAD, but use FlipforMac via Quicktime instead - Truth w Christ
How do I add the Streaming Link into Quictime? Can't seem to find the preference for adding a streaming link?Reply to This
Saturday, August 05 2006 @ 08:46 PM PDT