WRONG!!! A .wav file is a container, it can have many different types of audio data streams in it; some compressed, some not. The most common type of audio data in a wav container is raw PCM, which is pure uncompressed audio. The most common compressed wav would be in ADPCM format. ADPCM is a non-psycoacoustic form of compression, which means it simply adds quantisization noise uniformly to the audio track, instead of trying to mask this noise. If you are not very sensitive to background hiss, or if you are very sensitive to pre and/or post echo, this type of compression may be right for you, although
WavPack lossy (hybrid mode) would be a far better choice than ADPCM for compression. Note: although most mp3 files you see floating around p2p networks suck, they can be encoded well.
LAME 3.90.3 with the command line options --alt-preset standard should be indistinguishable from the uncompressed wav for most people, on most samples.
Note: If you want to use WavPack as a lossy format (like mp3) just delete the .wvc files it gives you, when using hybrid mode, and keep only the .wv files.