hw3004:
Stupid question....i'm thinking of doing this as well.
I assume there's no less in sound quality by doing this. Also, I assume that I could convert back to a .wav file at a later date to burn to CD with no loss of quality?
You assume right on both. As long as you convert to a lossless codec, the sound will be the same (there will be some that differ on this but there you go!). Also, if your cd player can play WMA files, you can burn to WMA Lossless as well.