Make a Podcast:
Record a five-minute discussion (ideally with a partner)
Audio recording tools: handheld digital audio recorder; GarageBand (Great Tutorial--Thanks to Kayla!) or Audacity on a laptop PC; Skype recorder; iPhone or Android audio recording app (Hi-Q MP3 Voice Recorder on Android or Voice Memo App on iOS); Zencastr on a laptop PC
Edit audio using Audacity or other audio editing tool of your choice to include intro and closing music from a Creative Commons source (Jamendo, CCMixter, or other)
Need music? Check out Internet Archive (Audio) or Artlist.io
Export edited audio as Ogg Vorbis file
[Optional]: Install LAME MP3 Encoder and export audio as MP3 file
Upload audio to an online audio storage service (archive.org or SoundCloud)
Write RSS feed for your podcast:
Alternative:
Complete the same as above, but record, edit, and publish your podcast entirely in a Web browser
Recording tool: Zencastr
Editing tool: Bear Audio Editor
Publishing tool: Internet Archive
Alternative:
Instead, livestream and record a video podcast of discussion of your project pitch on YouTube or other service
Edit your video to include a title card, credits, and music