Compress Digital Music with Monkeys Audio
Monkeys Audio is a free software that you can use to compress digital music. When you convert your files to mp3, ogg etc, you save a lot of space but compromise on the sound quality. Monkeys Audio makes bit by bit copies of your music. The copies will be lossless and will occupy nearly half the space as the original wave file.
The interface is simple and easy to use and has got a bit monkeyish appearance. One thing I like the software is the speed at which it encodes the files. It took around 6 seconds to encode a 49Mb wave file and resulting APE file had the size of around 28Mb and amazing quality. It also supports tagging so all your files can still be tagged. One good thing is that we can also decompress the Monkeys audio file to get the original file. The sound format is supported by many popular player like Media Center and Winamp etc.
But I think many people will still prefer mp3 files as they can be played on most of the mp3 players. But if you are not willing to compromise on quality, do give this a try. It is a freeware and works on almost all the version of Windows.