Would this be audio only?
I used to run a channel on stickam.com which has video, but I assume if you do not do video,
you could skip that, although video would be 100% helpful in using for many things.
i.e. showing prerecorded videos, pictures, demos on how to light/fire a stoker, shut down, cleaning
also good for interviews, etc.
Just with audio, skype is a nice way to get the hosts channeled in.
A $50 mixer with a headset and possibly a mic
The mixer allows 100% perfect setup for multiple inputs, background music or audio etc.
Also, with skype beta, you can have free audio/video and conference feed up to 10 people.
(not sure on thoughts of beta, but regular skype I think allows a few, still free?)
If you have a webcam (most laptops they are built in) that would be the hosts video feed.
Skype would be the audio/video feed for the co-host.
cant think of the software name for video editing without looking, but Ucam or something like that rings a bell.
I have a mixer/mic right now, which is about $150 or so, perfect set up.
Not sure if i would want to co-host right now, because of my inexperience of coal,
but I could post all links of the perfect setup and possibly help get everyone setup.
I also have quite a few contacts in case I have a case of forgetful jones on anything.
**This would be a live show, which always contains bloopers.
I am not sure this is the way you are gearing, so maybe it is a bit overboard.