Hi djgilla
If you are using the live stream, you can omit the source and data rate from the url, at least for test purposes. I use ...broadwave.mp3 and it works fine, defaulting to the live stream.
I suggest you use the .mp3 format for testing as most media players will handle that ok.
If you are sure the IP address is correct, check the port forwards through your firewall. I have discovered that sometimes Windows Firewall wants to let port 85 through for Broadwave even though port 88 is selected in Broadwave's options. You may have to specifically add port 88 to the firewall rules. Check also the port forwarding on your router too. Check out some of the earlier posts on this.
Have you got a successful connection using an internal LAN IP address?