I've been looking for a solution to this for years, but nothing is conclusively documented. There are many Shoutcast Flash players out there (e.g. radio.de) so I know it's possible. However, most of my research leads to this:
s = new Sound();
s.loadSound ("url.of.shoutcaststream:8003",true);
Which works for me in FireFox but not in IE. I don't want to buy a component, I want to know how those components do it so that I can build my own custom player.