Have you ever heard of a podcast? It's basically an internet/ mobile device radio show. Yep you can have your own. I haven't done this yet but it's on my bucket list. Just remember you cannot play copyrighted music or content without written permission and probably ASCAP and BMI fees. That includes the rights to use copyrighted sound effects. However you can create your own sound effects, AND dude! There are so many garage bands out there that are really good and could use exposure. Get them to let you play their songs. That is of course if you want music on your podcast. It could also be news, or commentary, or girls giggling. It's your show.
Get local business to pay you $50 or whatever for commercials you can make, or get creative. If you get lots and lots of listeners, charge big companies big bucks.
So you want your own internet radio station?
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