There is a lossless compression codec called Monkey Audio. It's file extension is ".ape". It is the compression method of choice for audiophiles. You get zero signal loss, and you can re-inflate it to a .wav with zero loss. It compresses the .wav files about 50%. If you got plenty of space, I would choose this.
http://www.monkeysaudio.com You can get a plugin for Winamp to play it.
To get the best possible .wav file, use EAC (Exact Audio Copy). It will even save some scratched CDs from the dumpster.
