This article is from the Anime Music FAQ, by Ru Igarashi with numerous contributions by others.
You may be avoiding direct copying of works, but you still have to worry about broadcasting rights. If you or your service have paid the license or gotten authorization from the rights holder, you're legal. If you haven't, your site may well be in violation. Keep in mind, if you are running as a member of a licensed broadcast service like Live365.com, you may be ok; it depends on if their licensor covers the foreign works you are broadcasting. As usual, your programs have to be made from legitimate copies (e.g. not from CDR or MP3 you got in a trade).
 
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