If the idea of using a compression format that dumps audio data makes you uneasy and you've a habit of compressing your MP3 files at the highest bit-rates, then here is something for you. FLAC stands for Free Lossless Audio Codec and will compress those clunky PCM audio files into something more manageable, without any loss of data. What is uncompressed is a bit-for-bit duplicate of what you compress. FLAC also promises to be fast, flexible and convenient. It works in a similar manner to the Zip format, although customised for audio files.

Of course you'll need to play your files. WinAmp is supported, along with other players. There is even a smattering of hardware support. It also supports Nero Burning ROM directly, so you don't need to uncompress your files before cutting CDs. Like all such Open Source projects there are a mass of files to be had, including source code for all sorts of platforms. You might like a nice front-end while you are about it, unless you enjoy the command line. FLAC looks to be well-supported, effective and powerful. It is certainly well worth exploring.

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