While this isn't the best produced or editing podcast I've every heard, it is one of the funniest. The folks doing the actual gaming are having a great time. A few times I've gotten strange looks from others at work while I laugh away listening to this.
The game is Palladium Fantasy RPG, using the 1st edition rules that came out in the mid 80s. I remember this game, so perhaps nostalgia is playing it's hand here in my review. The rules were not always as clear cut as modern systems, and it was a lot less mechanical.
In fact, the podcast opens with a friendly argument about to hit rolls and armor ratings, punctuated by one of them yelling "Kevin Simbieda is never wrong!"
They party handles most of the combats in a unique way, by disabling all of the heavy hitters in the party and leaving the bad guys standing and scratching their heads. Then the party gets handily and hilariously defeated by a river.
In their defense, they are all first level.
Again, not the best actual play I've ever heard (Penny Arcade gets that hands down) but entertaining! It clocks in at over 2 hours long, but I have lots of time to listen, so this doesn't bother me.