Oh man, I would love to do some shows for this again. I could pre-record a 30 minute to an hour radio show and do that, but part of what made GW Radio cool was the interaction between the DJ and people on IRC.
Maybe it could be something like, record a live show, then air it a few more times over the week, until the DJ does another show. That way the show can be live, and people who missed it would get another chance to hear it. Also, since the show would be recorded, it could be uploaded somewhere to be listened to any time.
Just an idea, but I'm looking forward to this!