Is there any way I can compress a wav file? Is there any way I can save a wav file as an mp3? If there is any way to do either of these things...how?
Here are some instructions for you: go to http://www.rarewares.org/mp3.html
and download a LAME encoder and a frontend for it (a program that will act as the encoder's user interface). I recommend getting version 3.96.1
of the encoder and LAMEDrop
for a simple frontend (get the one without an encoder included). Now, extract the zip files to somewhere on your HD (preferrably to their own folders) and run LAMEDrop.exe. Right-click the box that will appear and go to "Options->LAME...", then go to the folder where you extracted the encoder before and select the executable (lame.exe).
That's pretty much all there is to it. Now, all you have to do is drag'n'drop your wav file(s) to the LAMEDrop box and you'll get mp3 files. They'll be in the same place with the source files by default, but you can change this in the options if you like. I recommend using the default quality setting (fast standard) for a good size to quality ratio. All the "Preset" quality settings use variable bitrate (VBR), which is always better than using a constant bitrate (CBR), because with VBR bits get allocated well where they are needed.
Note, that you can also use other encoders, like musepack (mpc) or ogg vorbis, that can also be found at rarewares. Their usage is more or less the same, especially since they have similar frontends, musedrop and oggrop.
[EDIT]Oh gee, didn't realize this thread was a bit old already.. oh well.