http://www.mp3-box.org/mp3-vs-wma-vs-wav/

MP3 WMA or WAV files which should I use?
My BF uses a program where he creates his own music and it has a MX3 tag on the end. When he is done you can mix them down to a MP3, WMA, or WAV file so that they can be burned and played through Windows Media Player. We are very new to thisand I need to know what is the best way to mix thenm down so they are the most useable or versatile? What is better for playing say in a regular CD player vs maybe a newer on that can play mp3 files? Thanks a bunch!
MP3 for use on most computers or portable players. WAV for best quality (although there are better lossless codecs around). WMA for if you’re happy with the limited hardware and software support but want a slightly better quality at a given file size than MP3.
It depends what you want to do with it, but basicall while you’re sampling and mixing and so on you’d want to be using a lossless codec like WAV, which gives a large file size but means you’re not losing quality each time. For then playing them elsewhere you can generally burn them straight onto an audio CD for optimal quality with CD Players, while for putting a file on the net or a portable player you’d want to make a copy in a compressed format like MP3 (or WMA or OGG – OGG being the most open format, WMA being fast to encode and good quality for the file size but mainly supported on Windows software, and MP3 being the best supported in software and hardware). Keep an original copy in an uncompressed format if you have the space, though.
Basically the main thing to try to avoid is to keep re-compressing the music into compressed formats like MP3 or WMA, as you’ll lose some quality each time. You only produce a compressed version when you need it.
“No Words” Mother’s Day Song – AJ Rafael [FREE MP3!!!]