In case you didn't yet know it existed, is truly the first original idea in online television. It's the archetype from which the future IPTV explosion will be derived. the station can be viewed in Winamp, or in MPlayer if you're on Linux. It will not work on RISC machines, such as Power Macs.
The station is a collaboratively put together hodge-podge of Internet videos, lost films, public domain footage, and oddball tv shows. Users can place items into the queue to be played, and you can only have two sleections in the queue at once. The server automatically places station bumps in between shows, and some of these are excellent.
It's put together by the Something Awful Goons. A hearty watch at any time of day.