Dzollo tengo la solución:
<OBJECT ID="MMPlayer1" WIDTH=300 HEIGHT=50 classid="CLSID:22d6f312-b0f6-11d0-94ab-0080c74c7e95"
CODEBASE="http://activex.microsoft.com/activex/controls/mplayer/en/nsmp2inf.cab#Version=5,1,52,701"
standby="Cargando Radio17..." type="application/x-oleobject">
<PARAM NAME="FileName" VALUE="http://87.235.8.219:4662/">
<PARAM NAME="ShowControls" VALUE="1">
<PARAM NAME="ShowStatusBar" VALUE="1">
<PARAM NAME="ShowDisplay" VALUE="0">
<PARAM NAME="DisplaySize" VALUE="0">
<PARAM NAME="Autostart" VALUE="1">
<PARAM NAME="DefaultFrame" VALUE="Classic">
<embed type="application/x-mplayer2" pluginspage="http://www.microsoft.com/Windows/MediaPlayer/download/default.asp"
src="http://87.235.8.219:4662/"
Name=MMPlayer1 Autostart=1 ShowControls=1 ShowDisplay=0 ShowStatusBar=1 DefaultFrame="player"
width=300 height=50>
</embed>
</OBJECT>