I've always wanted to do this but is my connection up to it?

I have 2MB ADSL - download speed is about 230kb/s and upload is about 30kb/s. I assume this will result is bad quality streams?

If I am djng via an online station that someone else runs, will the sound still be poor?

Upload speed is what really matters for hosting a webcast. Each listener will use part of your upload bandwidth to hear a stream--unless you rely on a server elsewhere.

Most DSL & Cable modem connections aren't really up for the task. Perhaps other can share their experience.