ooTunes Radio is a powerful iPhone app that turns your personal music collection into your very own radio station, accessible anywhere you have your iPhone or iPod touch handy. Get all your songs and movies and even radio streams on your iPhone or iPod Touch. Unlike other radio apps for the iPhone, with ooTunes you also get access to your last.fm, Pandora, mp3Tunes, Seeqpod, and Imeem, Live Music Archive, and many more, all in one place. The app also gives you the ability to buy new music from the iTunes store on your iPhone.
Note: To stream the music to your iPhone from your personal media collection on your Mac or PC you also need to have the ooTunes Server. You run ooTunes media server on your personal computer costs $20 which must be purchased separately from ooTunes.com
Here is a video demo of the ooTunes app on the iPhone
This 3rd Party App is available at the Apple iTunes AppStore. Browse the full list of all AppStore apps filed under the AppStore category.