Both software and hardware are required to create a acceptable podcasting file. On the software side you'll need a "production" program, one that can both record, import, export and edit a variety of formats, including WAV, AIFF MP3 and OGG. Hardware, in it's simplest from, includes an input device, usually a microphone (or digital camcorder for video), and a storage device, normally your computer. For both software and hardware, "the sky's the limit," as far as cost and features - all the way up to a recording studio. Regardless, one can produce a functional podcast using reasonable priced tools. Some are free, like the Audacity sound editing software.
Andrei Khmelev has created an excellent presentation entitled "How to Create a Sound File." It's an step-by-step, eleven page "cookbook" that guides you through the process of creating a podcast-ready audio file.
Obviously, the process of creating an audio, or video, file is just one part of the podcasting equation. We continue to scour the intranet for more and better information concerning podcasts. CNET has a very good tutorial called "Create your own podcast." This tutorial is targeted towards the creation of an audio podcast. Whether you're creating an audio or video podcast, there are similarities, like hosting and pre-production planning, and differences, like hardware and editing software.
Other podcasting tutorials:
Podcasting and Vodcasting: a White Paper
We will be updating this section as more information becomes available. It might be behooving to start with an audio podcast, and get the process down prior to moving to a video podcast. Conversely, if you either have an existing video file, or you have the necessary equipment and experience, then a video podcast might make sense.