Yep. Note that there are 2 parts to the Nokia app, one is the player, and the other is the Shoutcast engine. Install them both, then you can use the Web browser to go to Shoutcast.com, click "Play" on whatever station you want, save that file in your "Shoutcast" folder on your memory card, and then open the app and it's there.
For a great walkthrough by Ollywompus on how to clean that station list up, click here:
http://symbianguru.typepad.com/welcome/2006/12/howto_enjoy_sho.html