A Security Update: version v0.1217  has been released for peercast it addresses a serious vulnerability.

http://www.peercast.org/download.php
"PeerCast is a simple, free way to listen to radio and watch video on the Internet. It uses P2P technology to let anyone become a broadcaster without the costs of traditional streaming."

http://www.peercast.org/forum/viewtopic.php?t=3346
"This fixes a serious buffer overrun vulnerability discovered by Leon at INFIGO IS (http://www.infigo.hr/) many thanks to them for alerting us promptly."

An exploit for this vulnerability has been publicly released