We were going to set a time limit of 10 minutes. This was mainly to keep us from rambling on. It worked to some degree.
Our biggest problem wasn't finding something to talk about it was finding music to use on the podcast. We had no money for music to use on the podcast. I finally found a site called http://incompetech.com that had some quick little music beds you could use for free. I had wanted an Irish or Celtic musical intro but settled for a nice space sounding piece.
After I found the music I had to find some way to record the podcast. We used Audicity to record and mix the podcast. It has multi-track mixing. This made adding the intro and background music real easy.
Next we needed free or cheap hosting. We used a site called http://www.weebly.com to host our page. They had several nice themes so I picked one and the rest of the page development is drag and drop. It made for a quick page. I hit up Photoshop for a quick banner.
Weebly doesn't host audio for free. So I used http://soundcloud.com to host the audio files. They have free hosting for the first 2 hours of uploaded audio. I dropped the Sound Cloud widget on the weebly page as HTML and poof I was in the podcasting business.
Now the microphone we had was very cheap and we had to share it so that meant some snuggling to get kind of ok audio. If we start to get some kind of response from the podcast we might have to get us some good mics.
If you would like to give it listen just follow on over to the Squire and Cadet Podcast. http://thesquireandcadet.weebly.com/