All music is placed under the Creative Commons license....15 Megs of Fame serves two purposes. The first is giving listeners a free way of discovering and acquiring new music online. Not only do they get to discover the music, they have the opportunity to leave comments for the artists on their tracks, and score the music they're listening to from 0-5....
The second purpose is to give artists a way to promote their music online, but offer them something more than websites. Because we have built in a ton of great community features that allow the artists to interact with the listeners, artists can use 15 Megs of Fame to gauge an immediate response on their music....
Main site is here.
P.S. For T-shirt designers, the same group has a t-shirt contest and shop set up at Threadless.com.