Update 2 February 2015
The way this will work is a Google Hangout. The audio of the entire hangout will be recorded, except perhaps for a few seconds at the start. At present, the plan is that it is not going to be live.
If you wish to participate, sign up for G+, and then let us know that you would like to participate in a podcast. We intend to overbook a bit - more people will be invited than the 9 we can accommodate, so the first 9 invitees to show up will be the co-hosts along with the host/engineer. If you participate and contribute, you will be invited back frequently, but not every time. If someone leaves the hangout early, I may re-invite you if you-email that you tried to get in and couldn't.
Once you are in, the agenda is up to you. Things like music, fiction and special guests will be worked out as we go.