No, it's not possible + illegal in many countries as you need licenses for transmitting.. However if you are so curious grab a wireless headphone and use it's transmitting unit that works as short range transmitter... (WORKED FOR ME :P) but you CANNOT use Radio as a Transmitter coz Transmitter uses many other things (ask electronics expert)
SECOND - WRONG SECTION SO REPORTED.. You should use Google and not XDA. This is Android Development section and your question is not related to neither Android nor Development..
Current Device : None
Previous Device(s) : Samsung Galaxy Apollo || CyanogenMod 10