How to start a podcast “on the cheap”?

This is a response I originally wrote to a question on Reddit.

Can anyone recommend some good low cost gear and software that is “good enough” to get a podcast up and running?

Here’s what I used to get started:

Podcaster microphone: Blue Yeti Mic ($150 US /  $170 CAD on Amazon)
Audio editing software: Garage Band ($15, Mac only)
Website hosting: Tumblr (this blog post explains how to set it up)
Audio file hosting: Dropbox (place the MP3 files in your public directory)

Other equipment and gear recommendations for getting started:

Podcaster microphone: Samson Meteor Mic ($55 on Amazon) or Audio-Technica ATR2100 ($60-$70 on Amazon)
Audio editing software: Audacity (PC or Mac, free)
Audio file hosting: Soundcloud