GoldWave Problem

[TheWiz]

I'm trying to compress an audio file down to a smaller size in bytes but I don't know how. I tried going to the effects>Expand/compress and then taking down the ratio and then played around with the threshold and the smoothness, but I got no results. Can anyone solve my problem?

[setarip]

File>>Save As

Then select a compression format, sampling frequency, and then a bitrate (e.g. MPEG3, 44,1000Hz, 96Kbps)...