I'm a podcast editor. I love what I do. It's a knitting podcast (go figure), and we have quite the number of listeners. I just got a raw file today when I got home, and I published it just a few minutes ago. It takes a whole lot of actual attention, which means very little multitasking. As a general rule of thumb, however long the actual raw file it, it takes me three times that to get it edited. Once I do manage to get it edited, I think compress it, and begin the task of finding music. I use the Podsafe Music Network, and generally just browse the Comedy section. I find the music, add it on to the end of the raw file, add in the intro, and a blooper at the end. Make an mp3 of the episode, and then upload it to Libsyn. From there I write a little blurb, publish, and copy the blurb onto the blogspot blog.
That's the basic quick version of how I do the podcast. If you're interested (and even non-knitters listen and love the podcast because there actually is very little knitting content) you can find the newest episode here, or you can search for "Lime and Violet" on iTunes.
-Cheers and check out the podcast! It's worth a look, and always good for a laugh.