The radio also connects to Last.fm, TuneIn and Ponyville Live. Last.fm keeps track of all the music played on the radio, TuneIn have a nice app for listening to broadcasts, and PVL is a network of radio stations and podcasts.
Why "Parasprite" Radio? The name comes from the creature in the show My Little Pony called a Parasprite - which is a portmanteau of the words 'parasite' and 'sprite'. In one of the episodes, parasprites invade town in a great swarm and the only way the heroes manage to get rid of them was with music. Much like the parasprites, I also happen to enjoy listening to music.
Parasprite Radio is dedicated to high quality music from across the MLP fandom. You can suggest and request music in the chatroom. Enjoy!