I haven't found an easier way of doing this, so this is how I got it done. If someone knows of a better way please let me know. I sure hope this is helpful to those of use that enjoy our PS3 to the fullest.
Requirements of course PS3, PS3 Media Server, Windows, LAN & SiriusXMStreamer. (
http://www.permanence.com/sirius/)
You should already have your PS3 setup using PS3 Media Server and have internet access.
This is how I setup SiriusXMStreamer (I haven't got around to taking screenshots but I will) but your setup may differ depending on your preferences.
Once SiriusXMStreamer is setup, run the app & go to "Configuration". Enter your account info for either Siriux/XM (or both like me

). Under "Default Stream Format", I set it to "HTTP - M3U". "SiriusXMStreamer Server" was already prefilled so I left it alone. You'll notice "TVersity Media Server", but I left that alone since obviously that's not what we're using & I'm not sure how it's setup using that app. Apply the settings & Start the Server. Now you'll need to make 2 entries in the "WEB.CONF" file of the PS3 Media Server. Below is the sample of the entries I made to mine from the default settings that were already included in the "WEB.CONF". The IP address of course may be different depending on how your LAN is setup. To get the correct addresses for your feeds you can either just substitute the static IP of your PC running PS3 Media Server or go to SiriusXMStreamer & click on the "Sirius Channels" & "XM Channels", select "Feeds" then directly to the right using the drop down arrow, choose "Copy URL M3U" & paste the info into your "WEB.CONF. Restart the PS3 Media Server & both feeds should appear under "WEB - Sirius / XM". The only part I haven't been able to figure out is why the feed shows a total run time of 1:45:32. When it reaches this time lapse, it'll automatically move to the next feed. I've tried messing with a few settings but no luck so far maybe you can help!
#audio podcasts
audiofeed.Web,Podcasts=http://podcasts.engadget.com/rss.xml
audiofeed.Web,Sirius=http://192.168.1.101:51710/sirius/feed?category=&genre=&format=m3u
audiofeed.Web,XM=http://192.168.1.101:51710/xm/feed?category=&genre=&format=m3u
[UPDATE] Forgot to mention the firewall port exception. Thanks to <tahdahrah> for helping me realize I had excluded this. If you're having problems streaming make note of the TCP port in the URL of the stream. If anyone needs help setting that up let me know. If I get enough requests, I'll make it part of this HowTo. I still haven't figured out how to get around the stream time limit of 1:45:32. I've hesitated posting another topic in hopes that others setting this up will noticed something that I haven't that gets around this limit. I was hoping to get more feedback but oh well plenty of views so far.