MC 18.0.177 adds the ability to browse and search SHOUTcast from Theater View. It also improves Theater View's support for streaming radio, making the 'Playing Now' work better and improving how radio URL and playlists are handled.
To add SHOUTcast to Theater View, add it using:
Options > Theater View > Items To Show > Add... > SHOUTcast
You can choose where to add it (it just can't be part of a library browsing tree like 'Audio', etc.). I like it under 'Gadgets'.
Most radio stations provide metadata (ICY) about the currently playing song. Theater View's Playing Now will now show this information and the backdrop images will change to the artist you're listening to.
Previously you would find an M3U to a station and when it played, it would show a list of all the streams in the playlist. Now with SHOUTcast, each station is shown as a single entry in the library. For example, 'Folk Alley' shows a single entry with a filename of 'webmedia://SHOUTcast/play?id=1273365'. Dealing with the playlist and streams inside the playlist is hidden, making it easier and more resilient to put the radio station into a playlist and access it later.