Mp3
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mp3 is already highly compressed, so the only way you could further reduce the file size is to re-encode them at a lower bitrate, which will result in quality loss. the only codec IMO that beats mp3 is HE AAC (mp4 audio). there are several such codecs, including ones by nero, apple and there's faac. they sound better than mp3 at lower bitrates, so file sizes can be a little smaller... -
If you wanted on-the-fly compression, try WinLAME. It uses the LAME MP3 Encoder to encode. It will read most formats, from WAV to AAC. Not sure of the site off-hand, so Google it. (it is freeware) You can even adjust the bitrate so as to not lose that much quality.CYA Later:
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WinLAME uses EITHER VBR or CBR.CYA Later:
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