Radio KoL was a Shoutcast station created, owned, and operated by Kingdom of Loathing players. It broadcast 24 hours a day with DJs from around the world, offering many different styles of shows; its schedule could be found here. After 15 years of broadcasting, it shut down in late 2019.
Radio KoL shows often included contests and giveaways. Jick created the Radio Free Regalia and Radio button candy specifically to be given out as contest prizes by the DJs. For Radio KoL's two year anniversary, celebrated on July 7th, 2006, the Radio Regalia was retired and replaced with a special series of six accessories (the Radio KoL Antenna Ball, Bottle Opener, Flashlight, Keychain, Maracas and Patch). Most DJs accepted and even encouraged player donations towards these prizes, and had "contest multi" accounts so that they could accept donations even while in ronin or hardcore. However, the purpose of Radio KoL was not to give you free stuff. If you entered the /radio channel asking when the next contest would be, it was likely that you would annoy the DJ into not holding one at all!
Radio KoL upgraded its servers on June 12th, 2006, and moved to a new server host: a 150-slot 24kbps server and a 150-slot 64kbps server. While 300 radio slots was generally more than enough (the station hovered between 60 and 120 listeners, depending on the time of day), the regular shows hosted by Jick and Mr Skullhead required extra listener slots. Many players helped out in this respect by creating server mirrors.
Radio KoL paid its server bills solely through listener donations, with a donation link on its website. The website was also where you can find the Radio Forums, DJ biographies, and information on how to become a DJ. As Radio KoL no longer exists, the domain has been taken over by cybersquatters.
As well as the /radio chat channel, there was also an IRC chat on irc.synirc.net by the name of radio-kol. While not all the DJs went there, it was still another place to go to discuss the radio with other listeners.