Listening to Live365 stations on the web with Player365 (Internet Explorer Only)

What is Player365, and how can I use it to listen to Live365 stations?
What do the buttons on Player365 do?
Can I use external players like Windows Media Player, Real Player or Winamp to listen to Live365 stations?
I'm experiencing problems installing or listening to Player365, what should I do?
I was using Player365 before and not it launches a different player, how do I change Player365 as my default player?
Why does the red volume bar stay red after Player365 has loaded?
I get an Error on Page message when trying to launch Player365. What can I do to fix this issue?