The good folks at Creative Commons have put together a Podcasting Legal Guide that is comprehensive and thorough as seen by these non-lawyerly eyes. I thought this quote from Larry Lessig's forward was particularly apt...

"...This Guide is an excellent resource for anyone who wants to figure out how best to follow the law. It is also an outstanding recommendation for the non-profit I run, Creative Commons, for as you will see as you work through the insanity that copyright law has become, Creative Commons is a simple alternative to this complex mess..."

My emphasis.

Reading through guide does give one a sense of looking for the white rabbit or more appropriately, the Mad Hatter. Lots to study here.

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Update: Just realized that one of the authors of the Podcasting Legal Guide has also participated in HigherEdBlogCon with two Quicktime movies that you can watch. The presentation is titled Legal Issues in Podcasting the Traditional Classroom.