PerSecondPodcast, a new site created by three Yale University students, is offering a new approach to promoting your podcast.

The site, which kicked off June 1st, is selling advertising space in its podcasts by the second. Ads will be included in one of four podcasts hosted at the site. The site plans to make the audio available via a podcast, submit it for radio play and save it to iPod “time capsules” which will buried at the completion of the project.

Anyone can contribute to the site, with music, advertisements, blogs, stories, rants or any other audio. Rates start at $4/second.