whats the worst case senario??

[delboy]

im hosted on go daddy, songs hosted on speedyshare...

whats likely to happen eventually?

Godaddy will suspend you so fast you wont be able to blink, if you must host at godady atleast go get some Reverse proxy hosting from splitice so it doesnt look like you are at godaddy.

if you are hosted in the usa, it is recommended to put up a dmca policy, especially at godaddy.