It's been a long time since my last post. I've been looking the past week into doing some podcasting, and I'm starting to line up some "guests" for the first few casts (is that what you call them? Casts?).
There are some great programs for those who are looking for free production and hosting. Audiacity is a free licensed program I found last year while trying to make a CD of a band I played in. We never made the CD, but using this program along with a .wav to .mp3 file converter works great. The reviews for this one aren't great, but I haven't experienced any problems with it over the past two years. It checked out for no adware/spyware as well. You can run multiple tracks and use numerous input devices.
The hosting took a little bit longer to find, but I just tested OurMedia and Internet Archive in the hopes that they'll work out. They've also teamed up with Creative Commons for copyrighting and ccPublisher for uploading (although the uploader experienced some error when I tried it.)
So I haven't completed the process yet, but in theory the production and posting will remain free all the way.