I've downloaded Shoutcast and Winamp.
However, no matter what settings I try (and admittedly I have been guessing, also) I have not been able to connect.
With 8000 as port and localhost as server, I get an error message indicating I can't connect.

I'm not sure what I need to change as far as settings go.

As someone who is very very very new at this, I am baffled by trying to select ports or choosing different IP locations for servers.

Any help would be appreciated so that I can get my webcasting going!

You say you've downloaded SHoutcast & Winamp... Ummm... Do you also have the server-software installed?