Ok, I think I have a solution to the problem here... for everybody who can't connect because of the feed opening in the wrong program:
"I believe the "play" button code associates video streams with the .ram
file type as downloaded from the /pls mountpoint in PeerCast, if
RealPlayer is installed .ram is associated with RealPlayer and Windows
will run RealPlayer. Your "viewers" need to associate .ram with whatever
they're using to view the stream, WMP??. You could create a "dummy"
.ram file with say notepad(but don't save it as a text file or else notepad
will append .txt to the filename) then do a shift-right-mouse-click on the
file and "open with">> "select program" browse to Windows Media Player,
it may be listed, hit "ok" but check box "always use selected program".
This "should" associate WMP with the .ram file type offered by PeerCast.
I have played about with it in the past and it did work for me."