Selecting the Settings menu, then Effects, and Compressor will do the trick. Say you'd like to enjoy your audio at a consistent loudness level regardless of the output signal of the many different streams you might be listening to.
Usability improvement in this area should definitely be at the top of the developer's list. The lines of code that open in Notepad are not a pretty sight if you're not familiar with HTML but with a tiny bit of help from a friend and/or this tutorial you should be able to remove the unwanted items. To delete items, go to the File menu and choose Edit Favorites. When you've found a station and you'd like to add it to your favorites, simply go to the Favorites menu and select Add to Favorites.
