Getting close to? I'm sure the tech is there, the expenses would just be too high. If I bought the most expensive version of Station Playlist sold, I could be on the air for about $800, but that's just with music and nothing else.
If you want imaging, there's another expense. You can get packages of 10 spots for less than $100, but if you're looking for something specific, that can get expensive. I have a friend who has been looking for imaging for her radio show for years now, and she is looking for a young female voice. The voices she has found want between $300 and $500 as a monthly retainer.
There are streaming servers available for about $10 per month, but you're not going to be legal for that. For that, I have heard that the most budget-friendly option is Live365, and I think that's like $200 per month and at that price you have to put up with them inserting their own ads. I would guess that renting an HD channel will be about $1,000 per month, though I'm just taking a shot in the dark on that one.
Still, with no HD channel, you're looking at a cost of at least $550 per month, at least to sound even remotely close to commercial radio and be legal. I could probably get away with about $300 down, but knowing myself as I do, I'd probably go for the whole $800 package. So, when dirt cheap for something that sounds like commercial radio, which is at least what I would want to do, is $550 per month, that can get very unaffordable very quickly.