Podcasting is actually quite simple if you have the tools.
You'll first need the equipment to record, (microphone and audio editing software of choice. ex: audacity)
Once you've recorded your episode (and exported it to a commonly used audio file like .MP3) you'll need to upload it to a media upload provider like mediafire or megaupload. \
Now if you want to put it on iTunes, you'll need to create an RSS feed and put your feed on a blog. then simply post the url of your blog in the "submit podcast" category on the itunes store and BAM! you've got an itunes podcast! all you need to do to post new episodes is to post new blog entries with audio data attached to it!.
(If none of this makes sense, please email me at firstname.lastname@example.org and I will try to explain it batter)
(sorry for the delay)