StratosAudio is trying to breathe some life back into the radio industry with a new service that lets radio listeners interact with AM and FM broadcasts using their cell phone.

Advertisers can track response metrics in real-time using the Web-based Ad Console, which also lets them create campaigns on the fly. The system also allows for bar-coded promotions, Web- and WAP-based offers and video clips that give the listener something extra.

According to the company, more than a million US cell phone owners have Stratos Interactive-capable handsets. Stratos is now working to pool all its info on those users into a single database so it can provide better demographics and targeting info to advertisers.

Some of the interactivity marketers can push includes inviting users to respond to ads in real-time, watch live video related to radio ads and content, vote, enter contests and buy ringtones and music through iTunes, Walmart.com and Amazon.

You can catch a demo on the StratosAudio Web site.