#1
After I record a track and put into an audio mixdown and I have options as to which type of file I want it in. My question is whats difference in the files.
#2
To put it in simple terms...

.wav = low compression, higher quality

.mp3 = high compression, lower quality

.wma = windows media audio, usually high compression low quality as well
#3
A .wav file should have no compression. That's why they're huge.

.mp3 and .wma are similar, except that not all formats compress the audio the same way. Also, bit rate matters. A 128k mp3 is going to have lower quality than a 360k mp3. More data = less information lost through compression.
Hi, I'm Peter
#4
mp3 is practically the same as wma, but wma is microsoft's mega hyped up version. wma also ahs the ability to have digital rights encryptions built into the file.