Download Audacity here.
Think of a topic you'll want to talk about and make a general outline of what you'll be discussing. It could literally be anything. Once you are sure you know what you want to talk about you are ready to move on to the next step.
Start recording. Be sure to keep your levels near the 0 (middle) point. You'll see bars on Audacity which will bounce back and forth when you talk, keep those as close to the Zero as possible, but still talk normal. If you talk loud the microphone will do something called "clipping" where something is so loud it will sound like all of your sounds are vibrating through tin foil.
Edit any mistakes you might have made. Remove background noise, change parts where you accidentally breathed into the microphone, and other things like that.
Save the recording in the Mp3 format.
Upload the Mp3 somewhere on the Internet for downloading by subscribers. Web hosting is available for a minimal fee or consider a free group hosting available from Google, AOL, MSN, Yahoo, and others. The use of Internet groups for the hosting is a good idea because they will not only host the Mp3 audio file for you but also make the subscription to the podcast easy and keep a database of those to send the announcement to when a new podcast when made available. All Internet groups provide for RSS (really simple syndication). When an individual joins an Internet group they automatically have access to RSS.
Continue the process of uploading new MP3s.
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