Here's another possible fix.
Quit iTunes if it's running, and go into your Preferences folder, inside the Library folder, inside your own log-in user's folder
(users—>your log-in folder—>Library—>Preferences).
Drag all the
com.apple.iTunes.another name here
plists (preferences lists) to the desktop. One or more may be corrupt. iTunes will create new plists when it starts. My machine and its iTunes setup creates three, but it's a G4. Yours may have a different number. (Plists are text files. You can open and read them using TextEdit.)
Removing these plists and the creation of new ones will not affect your playlists. Restart iTunes and go through the setup routine, then try to delete the station again. If nothing changes, quit iTunes and put the old plists back, which will return the settings to the way they were.