Just a quick note on WAV to MP3 conversion and things to consider, as we know WAV's are the best format for producing and working with music/sounds the problem is the file size so we want to reproduce that quality but with a smaller file size so we use MP3's and this is the most common format we are use to seeing. Here are the settings i would use when converting WAV to MP3.
For high quality MP3's
Bit Depth 16 or 32
Sample Rate 44,100
CBR/Constant Bit Rate
This will give you CD quality sound but with a much smaller file size.