Will and I would just record our own audio separately, then e-mail it to whomever’s turn it is to edit, use Audacity to edit it. For a mostly spoken-word podcast, it works well enough. Though if it’s a one-man show, probably best to never go longer than fifteen minutes. Two-man show, forty-five should be the target. Any longer than that, unless you have a built-in audience of at least a couple hundred (which is still small to podcast standards), and you’ll probably get told that it’s too long. Shorter’s always better.