The initial intent was to put together a quick playlist, from my iTunes library, to use on the PS3 as background music in racing games. I've found some other long and drawn out approaches to this, but this seems to be very quick to do it.

As far as streaming, is it possible to have the PS3 play something streamed from your PC as background music in games? If that is the case I'd just use Pandora, since that would be better than anybody's iTunes library.