Eel_O_Brian tried to do this at one point thru Ventrilo, I think...dunno how it worked out.
It didn't. I tried to do a test recording, but was hampered by both my inexperience and ventrilo itself. See, the thing is, even at the highest setting, Ventrilo has low sound quality. To get a group recording off ventrilo, you have to either:
1. Record inside ventrilo using their recording utility, which outputs something called a .vrf file. Since .vrf files are incompatible with, well, everything except ventrilo, you have to play back that recording inside an audio editing program and re-record it in another format. Basically, you have to record twice, in real time. Then you can do your editing. But you'll be working with a substandard sound quality output from the .vrf file.
or
2. Have everyone sync up and record their own end of the cast through Audacity, and just use ventrilo as a sound monitor while you're recording. Then everyone would zip those files and send them to the sound editor (or producer) for syncing/editing. This is the way most group podcasts do it, either through Teamspeak or Ventrilo or Skype. But no one was willing to download and use Audacity, so that killed it.
I'm still up for it. I had a lot of fun recording my two solo Halloween Special podcasts, and Audacity is very easy to use. But since I am not enough of an internet "personality" (haha, if you only knew my history, though) I doubt anyone wants me in it, so I'll just continue doing my solo stuff (was going to record one this weekend, but I am sick, and no one wants to listen to me snot all over the place) until I can find a co-host of some sort. Plus, I don't really want to do gaming, anyway. There are already 480134812941824102 gaming podcasts.
Also, the warnings I was given before we tried recording that one time were correct. Once you get more than three people talking at once, it is utter chaos, with overlap and lag and wall of sound. I'd keep it as simple as possible, with an absolute maximum of five "hosts."