The link you created is. If you create a link mapping foo -> google.com, and then it expires and someone else wants a link to facebook.com and shoutcast picks foo as their word, as far as you're concerned, your link is expired because shoutcast.com/foo doesn't get you to Google anymore.
Yes, from the submitter's perspective, their link has been reclaimed. From the service's perspective, a key is either in use or not, and we agreed that keys that aren't in active use could have ads on them.