There is no need to reinvent the wheel and the easiest way would be to port the barebones and the GUI of XBMC http://sourceforge.net/projects/xbmc. The parts connected with video player, SHOUTcast and networking - from SMS Player and myPS2.
XBMC is written using clear C++, so there would be no problem understanding and porting it, substituting the DX part with SDL. Of course some parts require plain PS2 programming, but the use of SDL would allow a broader access to the project.
So, who would like to participate in this project? And how?