From the site:
"What does Odeo do?
Odeo is a creative way to listen to and share mp3s and podcasts—and it’s free. Browse our directory and check out more than two milion audios. Find it, like it, share it with your Odeo contacts, email it to your friends, or put an embeddable player in your blog. Audio from Odeo can be downloaded to desktops, iPods, and mp3 players. We’re working to make sharing audio via the web better and as easy as possible.
What is Odeo Studio?
Odeo Studio is for folks who are interested in recording audio or linking to audio on the web and arranging into their own podcast. If you've added your podcast to Odeo, you can edit your images and other details in Odeo Studio. We store all of the audio you create, including messages recorded via Send Me A Message, audio you've linked to on the web, audio you've uploaded, and audio recorded in the Odeo Studio."