It's important to have the right equipment for the type of podcasting you'll be doing. The following resources will help you understand what hardware and software you should choose according to your needs.
Before you get started podcasting, you'll want to select the recording hardware that is appropriate for your needs. You may be doing all your recording from an office, or studio, or you may need to be more mobile. Consider what type of podcasting you'd like to do as you read through our list of recommended audio hardware.
Complete Studio
For those that want high production value, stereo recordings. If you plan to have two or more people participating in your podcast, ex. an interview or round-table discussion, this bundle is for you. You get two studio-quality microphones, USB computer audio interface/preamp, mic cables, and powerful recording software. Don't forget the desktop mic stands.
M-Audio Classroom Studio Bundle (w/ bonus mic stand) ($266)
Desktop Microphone Stand ($10)
Total Approximate Price: $276
Personal Studio
This setup offers studeo-quality recording with a minimum of equipment. The single microphone plugs directly into your computer's USB port, and the spider mount will reduce any noise caused by vibrations.
Key features:
•The USB connection provides direct connection to computers without any additional hardware or preamplifier devices.
•The software driver provides control over input gain.
•The hyper-cardioid polar pattern is most effective in minimizing noise and off-axis audio signal.
Personal Basic
This microphone/stereo headset is a very affordable solution for situations where pro-quality isn't a necessity, and you just need something basic for your personal podcasting needs. This is also useful if you're conducting interviews via online audio chat or using Macromedia Breeze.
Precision PC Microphone/Stereo Headset ($19)
Wireless
If you need to move around while you're recording, i.e. lecturing or giving a presentation, this solution provides quality, mobility, and hands-free operation. Just plug the base into your computer, clip the microphone on your shirt, drop the transmitter in your pocket, and you're ready to go.
Gemini UX16L Wireless Lavalier System ($88)
Mobile "Field" Recording
The following options are small and computer-free, perfect for working in the field, whether you want to capture a conversation on-the-fly or a thought you had.

1) Inexpensive:Olympus WS-300M Digital Voice Recorder ($149)
2) iPod Accessory: MicroMemo ($41) MicroMemo for iPod Nanos ($40)
3) High-quality: Zoom H4 ($299)
4) Top-of-the-line: Marantz PMD660 ($519)
Audacity is a free, easy-to-use audio editor and recorder for Windows, Mac OS X, GNU/Linux, and other operating systems. You can use Audacity to:

* Record live audio.
* Convert tapes and records into digital recordings or CDs.
* Edit Ogg Vorbis, MP3, and WAV sound files.
* Cut, copy, splice, and mix sounds together.
* Change the speed or pitch of a recording.
* And more
You can download it here.
LAME is a plug-in centered around the creation of MP3 content. It's useful for when you are done editing your sound files and you want to export them from Audacity to an .mp3 file. You can find out more about it and download it here.
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Garageband is a Mac-Only application which is part of the iLife06 Suite of software. You can purchase it through the Penn States Microcomputer Order Center or the Apple Store website.
ProfCast is a Mac only application that creates 'enhanced podcasts' in the m4b format. These are audio files which contain chapter markers where you can include titles, images and web links. The images in these files can be viewed on an iPod with photo capabilities or video capabilities, through iTunes or even in QuickTime.
You can download a trial version of Profcast here.
There are a variety of microphones to choose from - desktop mics, headphone mics, and wireless lavalier mics. Which type of microphone is right for your podcasting situation? This video review will describe each type and in what situation you might want to use it.