I had been trying to insert a podcast in our wordpress blogs New Hampshire Real Estate Blog for a while now with no success. Until I found Mediacaster over at Semiologic's blog. I read through the directions and decided to download the plugin and activate it to see if it would work. I was surprised at how easy it was to use. I had tried a couple of others with no luck.
You will need a few things to start your podcast. One thing you should get is a halfway decent microphone. I have the 
Logitech clear chat comfort headset. I purchased this at Staples and it was 39.98 but I had a coupon worth $ 9.00 so I took advantage of it. The most important feature in a microphone you will need is a noise-canceling microphone which filters out unwanted background noise. A must have....
The other thing you will need is a way to get your files up to your blog. Hopefully by now you know how to "ftp" File Transfer Protocol your files. I use a free program called Filezilla to upload all my themes and plugins.
Now that you have these two things you will also need to download software to record your podcast on and one that was recommended to me was Audacity. Once you have downloaded Audacity you will need to download the file that allows you to make the podcast an mp3 file. It is a .dll file called LAME MP3 encoder lame_enc.dll. Creating mp3 files is the easier and more common of files to work with.
Hopefully you already know how to save and retrieve files that you have downloaded. In this video towards the end I may not have said the words where to download your files too. You just need to know where you store your files so that you can get them to upload to your server.
Here is a video on how I was able to install and get the podcast to work. Hopefully it will be easy for you too.
Let me know if you run into any problems and I'll try and walk you through it. I am no expert at this at all. I am learning just as you are, trial and error. LOL
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