Podomatic provides free online creation and hosting of up to 250 MB.
The Freesound Project
Part of Creative Commons allows use of sounds for podcasting for education.
Tool Factory Podcasting provides a great $99 "enhanced" podcasting tool for windows.
Profcast is a $60 tool for Mac OS-X.
How To Create a Podcast for Your Online Course
Give it a listen!
Brief example of podcast creation with Tool Factory Podcasting
Enjoy! -- Web Sampler 2.0 Participants
Tutorial on Finding Free Podcasts on iTunes