Yes, you need to add the Sirius streaming to your subscription...I believe it is 3.50 a month. I use an ipod Touch to do the same.
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My dishnetwork account includes a couple dozen Sirius / XM feeds.
From the small dish box, optical to a DAC to stereo.
I use the regular remote....a Logitech.
iTunes has a bunch of radio presets and the ability to 'go to a URL'. I've used the presets to the stereo via AirportExpress but not yet the url system. The radio feeds from iTunes are mostly 128kb with many slower and a few up to 192kb.
So, just a regular feed, not to the highest standards, but certainly OK when I'm working around the house.
The same hardware that streams your iTunes to your system will also stream internet radio (and probably internet based Sirius/XM). Just give it a try. Find an internet radio station and stream away. Also, there are hundreds and maybe thousands of internet radio stations on iTunes. Just click on the Radio beacon under library on the left side menu on iTunes.
If your streaming needs get more complicated than just using iTunes to stream to a single Airport Express there's a really good application called Airfoil that will stream from any application, including your browser, to a large range of devices.
I use it to play Pandora, Spotify and mog on my iMac directly and through two Airport Express units, one in my living room and one in the basement. Great control and a very well-designed interface.Works on Windows, too.