Blue Boy:
It sounds like you are beginning to move all your music onto a hard disc. You will love it. A few basics. A wav file does not have a "tag" file associated with it. It is lossless. In other words you can recreate the CD it was ripped from "bit perfect".
There are a number "lossless" music compression software like Monkey Audio (ape files) and Flac. In my opinion they are the best. They compress your audio like a "zip" file for music that is "bit perfect". They will reduce your file size up to 50% give or take 10%. You can recreate your original CD "bit perfect" from these lossless files.
MP3 is a "lossy" format. It actually reduces the amount of data in the file. These can be reduced in size 80-90%. You can not recreate your original "bit perfect" song from an MP3. There is a lot of info out there about these different formats.
Storage is cheap, the need to go to an mp3 is questionable except for ipod's. If you have an ipod and want to sync your PC's music with your ipod MC will help you with that. I don't have one but I understand that MC will do that for you. There are others on the board that will be happy to help you with that. As I understand it, MC will convert the files (from wav, ape, flac,etc.) to an MP3 format and copy them to your ipod. I love my music but I don't need to carry it with me all the time.
Some can hear the difference between an MP3 and a lossless file others can't I am one of those who can hear it. A lot depends on the system that you are playing it on and the volume. If you are on cheap pc speakers it is very difficult to determine if it is an MP3 or a lossless file.
I store all my files in a lossless format. They have tags so when I input data such as album, title, track, date etc. it is stored with the music itself. You can put lyrics and a whole lot of info about each song and store it within the tag or in Media Center. That way when I upgrade (I just upgraded to 15) I can do an initial install and it will look up everything I have in each tag and import it into Media Center. It's great.
If you have questions, just ask.
Tunetyme