This is the smart-assy, bare-bones description. Don’t worry, I’ll fill it out with more significant information later. From this page, however, you’ll get the broad overview of what’s involved. (I’ll focus right now on an audio podcast.)

1. Record some audio. Save it as an MP3 file. Make sure it has helpful ID3 tags in it.
2. Upload the MP3 file to a server somewhere. (LibSyn is good and cheap: $5.00 per month minimum, no limit on bandwidth usage. There are other places, even, that are free.)
3. Make a blog. (Blogger is popular and free–the right price! There are other free options as well.) In a blog entry, put a link to the media file you uploaded in step 2.
4. Make an RSS feed that points to your blog. Feedburner is another free service (there’s that word again!) that many podcasters use. It will make a feed and show you some basic statistics about your show.
5. Tell lots and lots of people about your podcast. Do it any way you can. One way is to list it on directories such as Podcast Alley. Another way is to participate in forums, such as the Yahoo Podcasters Group. But for heaven’s sake, don’t just tell other podcasters about it. Let non-podcasting “civilians” know about it as well.
6. Repeat steps 1, 2, 3, and 5 over and over again. (Well, for step 3, just make a new blog post every time. You don’t need to keep making new blogs over and over again, naturally!)