LUGRadio found from Simon's blog is great.
I had in mind to do run a radio station from here. However I have not figured out ALSA with my sound card on my T30. It's a CRAP intel8×0 AC'97 job. What's worse is that it seems unable to mix two inputs. So that's that then.
I love my thinkpad, but if IBM are going to put in substandard sound cards, I might consider a powerbook instead.