
When you work with music and computers, it's very important to think about what you are going to use the music for. Is it a small sound-file for a PowerPoint presentation or is it a song for a CD.
Music, as well as images, takes up a lot of space if you aren't careful. When you're working on the song, make sure you have enough space on your hard-drive for all the parts. You should also work in CD-quality even if you are going to convert it to 8-bit mono later. It sounds better even after the conversion if you start with a larger file.
Mp3 is a very popular format. It's easy to use and it's possible to fit in a lot of music on relativly a small place. The problem is, it usually can't be played in your stereo. You need a special mp3-player for that. A large number of programs are avalible for mp3 to wave conversions, and some are even free.
Remember that mp3 have different compressions and qualities, just like jpg.