FLAC
From TMB Wiki
FLAC is an open and free Lossless compressed audio format. Unlike lossy audio formats like MP3, Ogg Vorbis and AAC, there is no loss of quality when saving audio files in the FLAC format.
FLAC is the recommended Lossless audio format to use on The Mixing Bowl
FLAC Homepage
Download
Playback
Software
The following media players will playback FLAC files:
Hardware
Encoding
It's possible to encode a WAV to FLAC in Winamp and in Foobar2000. In Foobar2000 just right click -> Convert -> Convert to Same Directory -> FLAC, level 5, all the other settings off -> OK.
As of FLAC v1.4+ level 7 is the recommended setting: almost the same compression gain as -8 (best), but encodes faster.
You can easily do this with the new FLAC frontend.