Yes, been doing it all day.
You point the amdroid client at your server via an http url, and give it the user/pwd to login.
It takes about an hour to get the server setup correctly, and configured with the right security so it's secure.
Then you just copy the itunes library up to it (or your mp3 library) and create a catalog, and point it to the directory where the music is. It scans everything and setups up the catalog, and you're ready to stream.