The ShoutcastPlayer plays AAC & MP3 streams by default and can be extended with more formats by using registerAudioFormatHandler.
Because of plugin and cross domain limitations the player will only work in Adobe AIR.

Usage:

var player:ShoutcastPlayer = new ShoutcastPlayer();
player.play(streamURL);
 
player.addEventListener(ShoutcastMetadataEvent.METADATA_AVAILABLE, function (e:ShoutcastMetadataEvent):void {
  trace(e.metadata.StreamTitle);
});

TODO:

- Make mp3 playback more reliable (sometimes it fails to connect)
- Optimize byte access by using apparat