To a developer a podcast is just an mp3 or some other format.  That’s really about it.  In order to hook it up to iTunes you need to make sure it is served in the proper format and follows their guidelines.  It is not to difficult.

• Record the audio. Audacity is free. An alternative would be Aviary.
• Save the audio file (in MP3 format) to your computer desktop. Do not use special characters in the file name.
• Add ID information (Artist, Album). Optionally give it album art.
• Create an RSS feed. A standard RSS feed will do.  The easiest way to do it is to use a blog.  I picked Blogger.com and started a blog with the title of my podcast.  Hold off on posting just yet.
• Go to feedburner. Type in the URL of your blog and click “I am a podcaster“. In the next screen, configure the elements for your podcast. These are the elements that directly relate to the podcast.  This is your official podcast feed.  Almost ready to submit to iTunes.
• Upload your podcast.  This needs to be upload to a public location where you can have a link to your podcast.  I just added the podcast on my server under a /podcast directory.  You can find public domain websites as well.
• Make your first post on your blog! The title of the post should be the title of that episode of the podcast.  The content will end up as the description.  Most importantly, at the end of the post, put a link to your mp3 file.
• You may need to wait a bit for feedburner to update the feed.  Feedburner also has a page that you can use which will force it to update.  Useful in testing.
• Submit to iTunes.  Now go to the iTunes store and click podcasts.  You will see on the right side of the page a link to submit podcast.  There you can enter your feedburner link and wait for approval from Apple!