Trying to change how my posts display on the front page

I’ve been using WordPress for years now, but have never got down and dirty with customizing my themes. What I’m trying to do here is change how my posts display on the front page of my website. Currently, it’s using excerpts from the default post.php (as shown here: campbloodpodcast.com)

Here’s what my post.php looks like:
[code]
<?php global $theme; ?>

<div <?php post_class('post post-box clearfix'); ?> id="post-<?php the_ID(); ?>">

<h2 class="title">" title="<?php printf( esc_attr__( 'Permalink to %s', 'themater' ), the_title_attribute( 'echo=0' ) ); ?>" rel="bookmark"><?php the_title(); ?></h2>

<div class="postmeta-primary">

<span class="meta_date"><?php echo get_the_date(); ?></span>

<?php if(comments_open( get_the_ID() )) {
?>   <span class="meta_comments"><?php comments_popup_link( __( 'No comments', 'themater' ), __( '1 Comment', 'themater' ), __( '% Comments', 'themater' ) ); ?></span><?php
}
?>
</div>

<div class="entry clearfix">

<?php
if(has_post_thumbnail()) {
?>"><?php the_post_thumbnail(
array($theme->get_option('featured_image_width'), $theme->get_option('featured_image_height')),
array("class" => $theme->get_option('featured_image_position') . " featured_image")
); ?><?php
}
?>

<p>
<?php
echo $theme->shorten(get_the_excerpt(), '40');
?>
</p>

</div>

<?php if($theme->display('read_more')) { ?>
<div class="readmore">
#more-<?php the_ID(); ?>" title="<?php printf( esc_attr__( 'Permalink to %s', 'themater' ), the_title_attribute( 'echo=0' ) ); ?>" rel="bookmark"><?php $theme->option('read_more'); ?>
</div>
<?php } ?>

</div><!-- Post ID <?php the_ID(); ?> -->
[/code]

What I would like to do is make it look more like the front page of theaudacitytopodcast.com, which shows an image, the media player (I’m using PowerPress if that helps), and a short excerpt of the post. I’m confused as all hell as to what I need to do (even spending time on the support page for the post-template.

Any ideas would be appreciated.