This post is an example of how a podcast can be embedded into an existing blog.
The folks at Blubrry have a wonderful plugin for WordPress that allows easy to use (and iTune friendly) podcasting from your own blog. Files can be stored on your server or anywhere else on the internet.
This post is an example of how the podcast will look in your blog and can also be subscribed to by your favorite podcatcher software (iTunes, Juice, Rythmbox, etc).
Try it out.