Uncompressed WAV files are quite large in size, so, as file sharing over the Internet has become popular, the WAV format has declined in popularity. However, it is still a commonly used, relatively “pure”, i.e. lossless, file type, suitable for retaining “first generation” archived files of high quality, or use on a system where high fidelity sound is required and disk space is not restricted.More frequently, the smaller file sizes of compressed but lossy formats such as MP3, ATRAC, AAC, (Ogg)Vorbis and WMA are used to store and transfer audio. Their small file sizes allow faster Internet transmission, as well as lower consumption of space on memory media. However, lossy formats trade off smaller file size against loss of audio quality, as all such compression algorithms compromise available signal detail.
See Good Audio and Video Freewares