RAZ-Kids.com - Online electronic books you can read or have read to you. Each child uses their own account (their name) and no password is necessary.
Tumblebooks - Tumble Books is a great reading resource for teachers, students and parents.
Starfall - Lots of fun stories and alphabet work.
I Know That - Very useful for building phonics skills
A podcast is a free video or audio series, like a TV or radio show. You can download podcasts to play on your TV, computer, iPod, or iPhone. There are more than 130,000 audio and video podcasts on iTunes, from independents to big names including HBO, NPR, ESPN, The Onion, CBS Sports, and the New York Times. And they're all free. (excerpt taken from Apple.com)
Here are some of the podcasts that I subscribe to. I like them all, and there is a range of ability levels they are good for. You subscribe to them through iTunes. Click here to download iTunes for free.