So, I just listened to my first show and realized that just as I was telling you about how I'm doing the podcast, I went off onto some other tangent. It's just like me to do something like that. Anyway, I'm using:

Audacity - man, I love open source!
Plantronics DSP500 - highly rated for podcasting use, but the jury's still out in my case
Power Mac G4 450MHz dual processor - oldish, but damned reliable

If anyone has suggestions on how to improve on the show's quality or has suggestions on better equipment, drop me a line!