For foobar setup see
http://www.xlobby.com/Documentation/Foobar2000
I beleive it does support streaming radio, mine point at a local shoutcast server which is fed from a regular radio deck. I chose this solution because its very unlikly you will get streaming radio to run in sync because of bandwidth issues.
I find sync play to be much better under foobar, its not perfect but works ok in patches, if it loses sync normally starting a new track cures it. I've also found that sync works best when the music is selected from the first soundcard device as opposed to a "later" zone. Strating from a later zone it seems a bit hit and miss.
I dont use sync play very often, just party's and the last time was new year, theres been a couple of updates since then but I've no idea if they've improved matters or made them worse.