OGG is the free spirit of audio: open, patent-free, and quietly brilliant at looping game sound. It was born in 2002, the Xiph.Org Foundation, and its real weak spot is everyday device support: car stereos and Apple hardware mostly shrug.
WAV is audio with nothing taken away: every sample intact, every megabyte accounted for. Raw PCM samples in a RIFF wrapper. No compression of any kind. That makes it the right destination when what you need is recording, editing and mastering, where every last bit matters.