Yes, you can certainly host mp4 files. You can upload them via your cpanel file manager and link them just as you would any other filetype (image, document, etc). This way the file will download to the visitors computer and they can place it on their ipod, phone, computer to listen anytime they want.
You can also embed a player into your page with a podcast episode so it streams. This is more difficult, but can be done on our servers. Here is a link to an article on how to embed audio into your HTML pages.
One other option you may consider is to upload a video file to youtube and then embed the video into your HTML file.
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