What It Is
WAV is a file format developed by Microsoft and IBM for use on the PC. The format was built into the Windows 95 operating system and quickly became a standard. The format ends with the .wav file extension.
Uses of the WAV Format
WAV files are typically large in file size due to the high quality the format and are used for CDs. An average pop music song is around 50MB in size. WAV files can be made smaller and converted to MP3 format through a process called encoding. This process always yields some kind of quality degradation, depending on how much compression is applied. When MP3 is converted to WAV, the process is called decoding. When MP3 is decoded to WAV, there is no increase in sound quality whatsoever, the file merely increases in size and can be read by common CD players. CD rippers (or CD recorders / extractors), are sofware programs that record CD audio to WAV format on your hard drive.
WAV format is necessary for editing sound files. Technically, MP3 cannot be edited to remove defects or add effects, it must first be converted to WAV format. A WAV editor is needed to alter the WAV file. Some programs like Rip Edit Burn include a WAV editor in the program.
There is one program that will actually compress WAV files without a loss in sound quality. Monkey's Audio compresses WAV files to as much as 60% of the original file size. Files are then saved in .ape format and can only be read by a few compatible players. The program is free and great for those who want to store high quality sound files and want to maximize data storage space at the same time.