It isn't. If you could change the path that the .mp3 files get in the .m3u file, when the "write full track path" box is selected, from the local address to the URL you could download the .m3u file on any machine, and then use these playlists to stream the music. So in my particular instance I would need C:\Users\Hunter\Music\<artist>\<album>\<track #>-<title>.mp3 changed to
http://my.web.address/Music/<artist>/<album>/<track #>-<title>.mp3 and I could stream my music to my 3g phone. This seems like if would be a relatively simple upgrade that would provide an awesome new use for this script. All you would need is a box that asks the user what part of the path to get rid of e.g. C:\Users\Hunter\ and what to replace it with e.g.
http://my.web.server/, and then change all the \ to /.