wave to mp3

Use music match jukebox. It has a good fraunhoffer Wav -> Mp3 converter. Simple enough to use too. If you unlock the professional capabilities, you will be able to put in some extra commands that will enhance the encoding.
 
I either keep them as WAV or encode to lossless FLAC most of the time. LAME with high quality VBR from the command line doesn't sound too bad. Musepack sounds pretty good most of the time as well.
 
^ FLAC is an overkill for most hardware. Waste of space mostly, with no tangilble results. The difference is notable only on super high end hardware. Musepack on very high quality encoding is not differentiable from FLAC / WAV even on hardware like Sennheiser 580 and M audio delta, not saying that it's the best of the hardware, but respectable enough.

Mp3s are useful when you want instant compatibility with portable mp3 players.
 
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