I did a podcast weekly while deployed. In fact, US Central Command picked it up as the de facto podcast for the war. Oh yeah. I was psyched. Anywhooo ...
The biggest thing is content -- you have to have something to say. If you have a magazine, then you can just talk about that stuff or write a script. Sounds like you have content. So, write a good script with it. Don't just do it off he top of your head. Either write a full script or a partial.
Next, you're gonna need a microphone and some recording software. Plenty of microphones out there. You'll want one that's omnidirectional (so other people can be heard when talking). At the most, you'll shell out about $50. I'd recommend getting some kind of multitrack recording software so you can mix your music. I think Acid Xpress is still free and will allow up to 10 tracks. It's here and easy to learn:
http://www.sonycreativesoftware.com/download/step2.asp?DID=551
Once you've got the thing recorded, produce it. Get good (noncopyrighted music). Check Acidplanet dot com. Plenty of guys willing to donate music to you for a credit. Also, think about how you'll transition from one story to the next.
Finally, make the file -- either MP3, MP4 or WMV. Link it. Then, market the hell out of it. Most podcasts suck because one of the above steps was not followed or the producers forgot the marketing step.
That's a fast overview. PM me for more specifics.
I did some podcasts in my spare time. Yes, it's about content and the frequency. I just don't do them enough to make it worthwhile. But if you or your friend wants to make a go for it, it can be a wonderful venue.