I have to totally agree with Masta and JayW. The work involved in getting an FM license is incredibly difficult and complicated. Most probably not directly related to what you want to do or your region, but my experiences are as follows.
I don't know about America, but here in Australia, it is exactly how masta said. The spectrum is such were one has to wait for someone to go out of business and then apply. When the frequency is available, it is auctioned off - usually from tens of thousands of dollars upwards to several millions. In my case, I'll be long gone to my death bed - if this ever happens - plus not to mention that the commercial networks have got together with the government, and created this nice bit of legislation - a moratorium on new FM licenses until 2016 - simply to block out any new competition.
Though I was initially going for a full commercial broadcast license, I also looked at going HPON (high power open narrowband), and if those two failed, looking into going high power digital. All three were no go, because despite my lengthy submission to the government and relevant broadcast authorities in Australia, I didn't even get a peep, a phone call, little lone an e-mail - These broadcast authorities are so up them selves. Even after extensively detailing the proven need and justification for my radio station.
This is considering the amount of people I had on my petition, community events we attended - to make people aware of our station, and demonstrating the long term operations and dedication of my station (not just being another over night joe). ACMA just didn't have a care in the world for what we were doing, or what we were wanting to communicate.
In Australia, you basically have to have either the right friends who have the money, or friends who are hog snoggin with the politicians to get any where down here. The only people in Australia with radio licenses are all the huge multi million dollar radio networks, or community radio stations, where the station owner has been lucky enough to get literally tens of thousands of people interested in signing and part of the lobbying process.
Sorry to sound so bleak, but getting an FM license is definitely no cakewalk - I wish you luck.