Technically, podcasting is a process made up of several parts. First, someone makes an audio recording, called an episode or show, and stores it as a computer audio file much like music. That recording may be just a few minutes in length like most music tracks or 15 minutes, half an hour, or even hours in length like a TV or radio show.

Dan Bricklin creating a podcast (May 2005)
(All photos on this page courtesy of Dan Bricklin)
The file is made available to listeners through use of the Internet, much as normal web pages are. Unlike streaming media, in which the audio moves through the Internet and is played on the computer speakers in real time, podcast files usually are downloaded completely before playing and do not require an Internet connection after the download.
Podcast files are often quite large (for example a 40 minute show could take up 20MB or more) and can take several minutes or more to download even with a broadband connection. Many people instruct their computers to download new shows well in advance before listening to them. This is accomplished with the help of a facility called RSS. RSS is commonly used for distributing news headlines and blog feeds and is used by every Top 10 Sources site to download and display new content to the site's home page.
Taking advantage of a special feature of RSS called "enclosures", listeners run programs on their computers that download each new episode of podcasts they "subscribe to" automatically as the podcasts become available. These podcast-downloading programs are often run in the wee hours of the night or in the background during the day. Once a show file is resident on their computer, people can listen using the computer's sound system.
Unlike many previous uses of Internet media, the new podcast episodes may be automatically copied onto portable music players, such as the popular Apple iPod, and heard away from the computer. This copying is done using the same programs and cables that let you update a music player's memory with newly downloaded music or music copied from CDs. For example, the Apple iTunes software updates an attached iPod with new podcasts (along with new music) at the same time that its battery is recharged.
Since most podcasts are in the popular MP3 file format, they may be listened to on almost any music player, such as those from Creative, iRiver, Dell, and others, as well as the Apple iPods and on the music player software that comes preloaded on most personal computers. The special RSS-monitoring is becoming integrated into music playing software including Apple's iTunes.
All of this automatic behavior makes it seem as if the podcasts just show up ready for listening on a device you already are carrying. You just push the Play button. When this whole chain of Internet audio became automatic, from downloading to appearing in any portable music player, and anybody could create the recordings for basically no money, we had podcasting.