how to listen to fm4 in itunes.

1. get, install and run the vlc media player. it's free (as in beer), runs on any platform and you're a cool dude if you got it among your apps!
2. open the "streaming/exporting wizard" from the "file" menu.
3. select the "stream to network" radio button, then click "next".
4. enter mms://stream1.orf.at/fm4_live under the "select a stream" radio button, then click "next".
5. select "http" as streaming method, leave the destination field empty. then click "next".
6. check the box next to "transcode audio" and choose "mp3" as codec and the desired bitrate from the drop down menus. then click "next", again.
7. choose "raw" for the encapsulation format. and then click "next".
8. do not make any modifications at the "additional streaming options" dialog, only click "next".
9. click "finish".
10. select the "open stream" dialog from itunes' "advanced" menu and enter http://localhost:8080 – et voilà!

update: just noticed that there are differences in the wizard interface on the various platforms. thus, i added two screenshots [1, 2] for the not-so-faint-at-heart. you can open the first dialog via the "open network stream" command in the "file" menu, from there goes the second by clicking the "settings" button next to "stream output".

kudos go out to tiny for inspiration.