Yes. YOU need rights to record the song for distribution. The station needs rights to air it. Technically, your Myspace page isn't in compliance with the law unless you have the rights to distribute them electronically (which are different than the two mentioned previously!). Check out
http://www.harryfox.com
Probably nothing would happen, though, unless you started to make some money from them. It could be pressed, though, and you could be liable for fines in addition to remuneration.