“An engineer explained to us that hundreds of ear impressions were gathered in the name of research, and while each one obviously boasted its own unique shape and size, one single characteristic remained uniform across the board: the entrance into the ear canal is not a perfect circle, it's an oval.”
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It exists already, it's called uSirius. It's not in the app store yet but I had it installed on my 1.1.4 jailbroken iPhone and it works GREAT.
Another method world be to stream from your computer using Orb, which certainly is not the best option but will get the job done.