Click on the Winamp window so that it becomes the active window. Hit CTRL and L. Type line://title=Stereo in the Window. Then you get 16 bits 44100Hz Stereo sound quality on the input. That is Standard PCM or CD standard format. When this "track" is playing, delete all other entries from the Winamp playlist, leave the track "Stereo....", choose Save Playlist, and save the list as f. eks. Live.m3u. Next time you wanna "go live", you just encueue the Live.m3u to your playing playlist, moves the "Stereo track" to right after the playing mp3 - and your on!
It works great for me!
