It’s not the most elegant of solutions, and is seriously beta. You need to ensure it is installed on your memory card; you’ll need python present’ and another Internet Radio application will also be placed on your smartphone; but it does work.
As a proof of concept, blastfm delivers. Hopefully there’ll be enough interest that the developer wants to keep going. Failing that, there’s no reason why Last.FM themselves shouldn’t consider picking up the application themselves.
More at the Vodafone Betavine, and thanks to SMSTextNews for the link.