Here's a behind-the-scenes look at how we set up our podcasts. We pick a topic, choose some staffers to participate, Karl gets sick, the staffers drop out, we record at the last minute, someone's recording program crashes, we rerecord, then each person sends their MP3 to me. I mix the mp3's and edit out dead parts where we wait for someone to answer or prolonged "uhhs." I'll record a commercial (or in this week's case, add in the Naruto contest winners, mix it into the podcast. Add the intro and exit music. Convert to AAC and MP3, upload both into the server (around 10 - 15 minutes each), edit the XML for the RSS mp3 and aac feeds, upload the test codes, test the test codes, and upload the real codes. During this time, I have either Evan or Karl to write up the article that goes on the site and on Odeo (that's host duties generally). Then we go live.
Editing alone can take anywhere from 5 - 7 hours. Scheduling a time for the hosts generally takes a week.