With iPhone OS 2.2 or later, you can listen to audio podcasts or watch video podcasts streamed over the Internet from the iTunes Store on iPhone or iPod touch. You can also download audio and video podcasts to iPhone or iPod touch and those podcasts will be synced to your iTunes library when you connect the device to your computer (Requires iTunes 8.0.2 or later). 

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iPhone and iPod touch: Downloading podcasts from the iTunes Store

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