WMA

Windows Media Audio is compressed audio file format developed by Microsoft. It was initially intended to be a competitor to the popular MP3 format, though in terms of popularity of WMA files versus mp3 files, this never came close to occuring.

WAV

The format for storing sound in files developed jointly by Microsoft and IBM. Support for WAV files was built into Windows 95 making it the de facto standard for sound on PCs. WAV sound files end with a .wav extension and can be played by nearly all Windows applications that support sound.