In theory true, in practice not so. Each listener's PC will be demanding bandwidth, via this 64k pipe. The host PC must make a unique connection with every player for it to work, so say the channel is just listenable to with one listener (which it may not be with 64k and a 24k stream) then you come along and want to listen as well. There is now double the demand for bandwidth, which that size pipe simply could not handle ata once.
So the listener's players will try to rebuffer once the connection is lost momentarily, however as long as there are two listeners then both combined will continue to request more bandwidth than is available. This doesn't make a lot of sense reading it back, but hopefully you get the general idea. I understand why it doesn't work I just can't tell you!!!
If you remember what happened on Sept 11th 2001 (from an internet point of view) when so many people were trying to access news websites. There were more people trying to get to Sky News and BBC sites than Sky and the BBC's pipes could allow, therefore no-one got their pages...it just stopped. This is because requests were being sent and timing out before being acknowledged by the servers. Therefore the viewer's PCs were sending the request again, and the whole thing was a vicious circle.
OK this is on a much bigger scale, but the principle is the same whether you've got 2 people or 2 million people collectively taking up more bandwidth than is available to them.