I just did a test with BUTT and SHOUTcast v2. And it appears to be working just fine for me.
I used exact information that is listed in the Quick Links area.
In BUTT software, click on "Settings"
Under "Main" tab, under "servers", click "Add".
Select "Shoutcast".
Enter in the "Name" (Station Name).
IP address: Your streams IP address.
Port: Your streams Port #
Password: Your streams password (Source Password)
(If you have a "DJ account" created, you would use username:password instead)
Then click "Add"
Then you can add your streams info.
Now, what I did was used a music player (Winamp), tossed in a couple songs, started a song, and then clicked "play" on BUTT, which it then started streaming. Having to update the titles manually. under the "Update song manually" section under "Stream" tab.
It worked, just fine that way for me. Keep in mind, I used exact info listed under "Quick Links".
Other free Broadcasting software (that i use) is RadioDJ.