Home podcasting tools all for less than 10 dollars each. Some soldering skills required. You owe it to your self to learn a bit about simple schematics and to learn how to solder. You will thank yourself.
Microphone: (Any good piezo buzzer should work.)
We tried several piezo speakers and found the larger ones work better. I also plan to try some old speakers also. The real tiny piezo buzzers from old motherboards need a preamp (they are not loud enough and need additional electronics to help them work better). One interesting thing is that you can also use the piezo mikes as speakers in a pinch.
Ones we have made:
Untested mixer: (Hook up several mikes to one input on computer.) (741 aka NTE 941m)
An old computer (that has a soundcard with a microphone input) to use with a free program called Audacity (for an internet radio station you could use shoutcast and icecast also) installed. Yes, we acquired an old computer from a local user group for free. People (obviously Microsoft users) thought It was worthless. Linux makes computer equipment more valuable.