Microsoft, buy Odeo.
1. Instantly, you're “in the game” with a search engine, a platform, a web service (that you can put some of your MSN ads into), cool ajax stuff, … the whole nine yards. Get some buzz, Microsoft made a Podcast play, etc.
2. They're the old “Blogger Guys.” Google bought their last effort. Get this one – rub it in their nose.
3. Spend a day setting things up so their interface includes a Windows Media Player option. Bam, Windows Media Player 11 “supports Podcasting” when Vista comes out. At least admit it is important.
4. Face it, Odeo is worth a lot more than anyone is giving them credit for. Great stuff inside that system and you could probably get it cheap right now. Point to Google's recent bad press if you're worried about Odeo employees not wanting to “work for the man.” See #5 on how to handle the new employees.
5. Podcast 2005/2006 is a lot like the Web 1995/1996. You bought a very little cool program back then called FrontPage that instantly put you in the Web design space (once you were in it, you could have handled it a lot better, but hopefully you've learned this round). Pick up this company and put yourself instantly in the Podcast space. If you need more details, pick up “Hi gh Stakes, No Prisoners.”