I have a mini-studio here at home with an inline patch to capture phone call - but I do a LOT of recording so it's worth it.
Most people I know use a recording service like Audio Acrobat. Free conference call companies work too, but the sound quality varies.
You can always use Skype.
Or, you should look into Blog Talk Radio
Internet Radio, Citizen Broadcasting, Social Media Podcasts - Blog Talk Radio. I use them for a live daily morning show. It's super easy, they provide all the tools and host the audio.