I've been producing radio content for my shows for quite some time now and have used a lot of resources and software from the web. Mostly I use Audacity. It works well. I can record from any source into the computer, save in any format and of course edit multiple audio tracks, create effects and change levels.
One content I can't produce is music, so have scoured the internet for royalty free music beds, sounds and effects. Needing nice voice overs is another area, and I can only do so much of that myself, I've yet to perfect a female voice ;-) so I have used services where you can purchase a good selection of voice artists works and even get the odd freebie. I can highly recommend Music Radio Creative, a company based in the Isle of Wight and run by Mike and Isabela Russel, who even go out of their way to produce free content to order every Friday. Do please check them out.
In terms of hardware, I have a ten year old DELL Precision Workstation running WIndows 10 and it does me well as the main recording and editing PC and a newer DELL Optiplex on which I run Broadcast Radio's Myriad software. This software is used in many radio stations. It can do scheduling, editing, music library management and much more. I also have a small mixing desk, a decent RODE microphone and quality headphones. With some good acoustic baffling the studio works well.
With a Terramaster NAS to back everything up. I think I have the perfect home studio setup.