It's called "Drive & Listen" and it offers you the chance to go on a tour of a city in your virtual car, while listening to the radio that's on the air there. 

It's an odd offering, because you don't really get to drive, just watch traffic go by outside your front windshield as real radio stations play on your speaker. But it is kind of neat, despite that.

The site offers a large number of cities and stations around the world you can experience. Among them: Amsterdam, Beijing, Berlin, New York City, Hawaii, Moscow, Rio, Rome, San Francisco and yes, Toronto. 

I have two issues with the latter:

First, the radio stations it carries for the T.O. entry aren't from Toronto proper at all. They consist of CKPC-FM in Brantford, for some reason, CKDX (still called the Jewel, and not updated to its new format) in Newmarket, CHAY in Barrie, and for some reason, WNED-FM in Buffalo. Only CIRV-FM, an ethnic station, is actually in Toronto proper and I'm guessing not many here choose that on their speaker when they're out for a drive.

My other complaint about the Toronto entry is the traffic depicted in the city is never that good!

You can put yourself in the driver's seat and see what's available here.