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The Shure SM58 is a great microphone for voice recording and only costs $99.

How to create your own podcast - from radio.about.com

How to make your first podcast - from podcastingnews .com

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Podcasting tips and tricks from podOmatic.com

So you've made a podcast and now you want to make it better. Here are some helpful tips:

1. Online recorders are good but Audacity is better.  Audacity is a free recording tool that has enough power to make a professional sounding podcast. You can mix, overlay, edit, and join audio with ease. Don't forget to encode in a multiple of 11.025 kHz. We recommend 22.050 mono for voice and 44.1 for music.
2. Try to interview people during the show.  Nothing is better than an interview of someone notable or another podcaster. It adds another personality to the show without taking your show over. If you aren't in the same city use Skype to record a long distance interview over the inernet.
3. Use podMail to receive and post audio.  We give you an email address where people can email you mp3s to include in your show. By default podMail requires a mp3 attachment but you can change it to allow all email here.
4. Get a good microphone and place it correctly.  A good mic [NFT recommends the Shure SM58 from Musician’s Friend] will give your show a deeper and more crisp sound. If you have trouble with breathing noise or the 'puh' sound when you say a word with a 'p' in it try moving the mic higher so that it is near your nose. It will look strange but work very well.
5. Get your listeners involved.  Nothing is better than adding listener comments and talking about listeners. They'll love you for it. We provide you with serveral tools to receive audio feedback from your listeners. You can get a call-in number or you can ask your listeners to record and podMail you audio right on our site. Sure, they have to register, but it is a great way to get them involved. To record comments online look in the 'contact info' box on your podcast page.
6. Grow your audience.  We provide you with several tools to help you grow your audience and get the word out. After each post you can send an email notification to everyone in your addressbook. We also provide a 'join my mailinglist' link in the 'contact info' box. Ask your listeners to join your list so you can keep them up to date. iTunes won't pick up your new show unless your listeners open iTunes and request that it syncs your feed. An email will prompt your listeners that your next show is available. We also provide the 'send to a friend' link. If your listeners use that link and 10 people send to 100 people each and 10 of those people send to 100 each...well...you get the idea. You can grow your audience from a close circle of friends to thousands in less than a day.
7. Add yourself to directories.  Make sure you are in iTunes, the Yahoo! podcast directory, and Podcast Alley. It will increase the chances that people find your podcast. Go here for more information on how to add your podcast.
8. Upload cover art.  When any directory displays your podcast your cover art will be used to represent your show. It is very important that you upload cover art and discribe your podcast correctly.
9. Post often but not too often.  Don't wait a month to do a new podcast. The more often you post the more your listeners will be entertained. Don't post too much because you can burn them out. Posting an hour show each day is probably too much.
10. Make sure your podcast isn't too long.  Research shows that people tend to prefer shows that are between 15 and 20 minutes in length. Some of your listeners may tune in during their daily commute which is around 30 minutes. The longest is New York City which averages 38.4 minutes.
11. Ask your listeners to post comments.  The comment pages are a great place for your listeners to tell you how you're doing. A vibrant listener community will have lots of comments with people talking among each other.
12. Get in our top ten.  The best way to get into our top 10 or top 100 is to drive traffic to your podcast page. We rank by the number of unique visits to your page. The best way to increase unique visits is to ask listeners to use the 'send to a friend' link on your podcast page or in the player popup window.
13. Post show notes.  Show notes are a great resource for people who want to know more about what is on your show. Your show notes will also end up in our search engine so people can find your show based upon its contents.