Are my songs legal to play on internet radio? (and other music copyright questions)?

[CaptainSkippy]

So me and a friend invested in an internet radio station not too long ago, but before we boradcast songs willy nilly, we're only playing songs from albums we own.

Now, let's say we had some songs that were obtained from some...questionable, sources...as long as all of the royalties are being covered, can these songs be played, or must the songs we play only come from owned albums or other strictly legal sources?

Also, is it legal to download songs from questionable sources if we own the album the song is from, but the album is damaged and will not play? Since we've already paid for the song, and others on the same album.

Thanks for any help, Y!A Team!