http://forums.adobe.com/message/3461725#3461725 Might help.
After loading the swf. You might be able to call functions in Shoutcast SWF and use your own UI above it. The code on link will let you play the strem by loading ShoutCast's own SWF into your app.
Note: The code is in AIR AS3., You may need to tweak it a bit.