I'm afraid I no longer have version 0.86.493 available to test. The oldest version I still have installed is 0.86.501
(September 2003). I don't remember and/or think that audio-URLs work with your version. (E.g. it was in version 0.86.496 that an option to listen icecast/shoutcast (MP3 only) streams was introduced). BSPlayer was pretty much predominantly used as a(n outstanding) video player at that time.
So, unless your PC is really very old and very slow, I would advise to instal the latest version
(click here for the download page), which certainly is able to do what you're asking for.
If your PC already has some years, maybe you can give us some specs of your PC and its OS.