Audacity is a free podcasting aduio program that is open source (Windows, Mac) and multi-platform. It makes it easy for anyone to record and edit sound recording. The podcast will record directly on to your computer and then export it in any format required (MP3, AAC etcc.).
Alternatives for Mac users are Garage Band.
For free podcast hosting try Archive.org, For a fast RSS feed, so that sites like iTunes can access you podcast, Blogger works well.