Assuming that the stream locations in the m3u do work, I am guessing it could be due to a firewall preventing winamp from connecting. Unfortunately it's hard to say without actually looking at the said m3u file you speak of.
(┛◉Д◉)┛彡ʎɯouoıpɐɹ
Current status of Winamp: (Winamp 5.8) is not an ongoing project  get wacup
5.8 beta issue quick fix - Install 5.666 (there's no further 5.8 releases)
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