There are a couple of different ways to incorporate and distribute audio episodes, depending on the size, frequency and intended goal. A few notes:
The first step of podcasting is uploading and storing the audio files (or episodes) somewhere online where they can be accessible and linked. Here is the plugin available in BC Wordpress. Files can also be stored on servers via FTP or similar as well.
In order to distribute the separate audio files, we can attach each one to a Wordpress post (by simply embedding the online link to each episode in the post). All posts for a podcast should be under the same Wordpress category.
The series of Wordpress posts with attached audio under one category are encapsulated in a feed -- you can find the URL for an individual category's RSS feed in Wordpress. Use that URL in a service like Feedburner, seen here, to prepare the feed with various options for distribution via iTunes.
Take your formatted and prepared RSS feed, sign into iTunes Podcast Connect, and you can then submit the feed for approval so it can appear in podcast searches (should take around two days if following all iTunes specifications).
Once your feed is approved, the podcast will be visible in iTunes via anybody who searches for or comes across it via the description and tags submitted.
