At work I’m the “producer” of a podcast, and here are the tools we use:
Apple Garageband — Found on every Mac, this free app makes it easy to record and combine tracks, add effects and art, and create podcasts.
Logitech USB Headset — This isn’t a professional mike, but it works fine for us and it’s comfortable to wear and use.
WordPress — The best open source blogging platform. You’ll need web hosting and your own domain to install this.
PodPress — A powerful WordPress plugin that turns your blog into a podcasting platform. This plugin takes care of all the nitty gritty (podcast enclosures), offers an embedded Flash player for easy listening, and provides stats.
Mime Config — If you plan to publish “enhanced” podcasts for iTunes, chances are your server isn’t configured to recognize the “m4a” format. Install this WordPress plugin and add the mime type “m4a = audio/mpeg”.
What other tools are you using for creating podcasts?