Yes, but you have one TCP connection for each client. If the server is broadcasting the audio data, I feel that there is a better chance of synchronization. Not that I have any experience in practice.

And by broadcast, I mean making the destination of the IP packets be the broadcast address for the network. Multicast is similar but different, and probably wouldn't make any difference in this case. It's effectively impossible to do broadcasts over TCP, so UDP or some other protocol would be required, and I know that DSS and RealServer support doing that. I'm pretty sure that Icecast/Shoutcast doesn't.