There's a radio at the School of Language where I take my Spanish class that recently had a competition for the students, to do a short 3-5minute radio program. A bunch of us in my class with the guidance of our teacher put together a nice little program which you can check out here:
I am the moderator, it could have been better, but that was partially due to the rush to get it done on time, and not knowing the studio setup at the school. Maybe next time, here's hoping we win some sort of prize!
Escuela Oficial de Idiomas de Pamplona site: http://centros.educacion.navarra.es/eoip/
Raibabel Radio blog: http://raibabel.wordpress.com/