What do I need to record a podcast?

I’ve recently gotten the bee in my bonnet that it might be fun to record some of the webnovels I’ve written (in the Shadowrun game universe) as “audiobooks,” and then make them available as podcasts (maybe on a chapter basis) for the Shadowrun fans who like to read my stuff and maybe would find audio versions useful for listening to in the car or whatever.

Anyway, what I’d like to do is record them using my Mac, and I’d like to get decent audio quality for as inexpensively as possible. It’ll all be spoken-word (no music or special effects) but I’d like to have the option to alter my voice for effect (make it spacy or reverby or whatever as appropriate, though this isn’t a requirement). So far my local music stores have suggested the M-Audio Fast Track USB along with a microphone–any reason why this wouldn’t work for me? Also, what kind of microphone should I look for?

The Fast Track is $99.95–I’d like to keep the whole thing under $200 if possible.

There’s also a USB mike called the Blue Snowball, which looks like it might fit my needs as well.

Does anyone have any other ideas that might work for me? I’d like to stick with USB since I don’t have a spare FireWire port and I don’t really want to get a hub.