Yes. It is possible to go Ad-free with Live365!
As a Live365 Broadcaster, you have the option to remove ads from your broadcast package. Please note, as advertisements are a factor in revenue generation, Live365 needs to offset the loss of revenue by modifying the pricing structure of your broadcast package. Please see the following table: 
With as few as 4 minutes per hour for commercial inserts, there are advantages to being a broadcaster with ads, such as Live365's Revenue Share Program. More information about the Ad Revenue Share Program can be found here: https://broadcaster.live365.com/adshare
Should you wish to continue with an ad-free station you can modify your billing subscription by doing the following:
Step 1) Log into your Live365 broadcaster account.
Step 2) On the Navigation Bar of the left side of the Live365 interface, click on the "Settings" tab.
Step 3) The "Settings" icon will expand, then click on "Billing".
Step 4) In this page click on the "Modify Service" link.
Step 5) A new window will open from which you can choose a new broadcast package without ads.
Confirm your choice by clicking on the "Switch to This" button.