WAV is audio with nothing taken away: every sample intact, every megabyte accounted for. It was born in 1991, Microsoft and IBM, and its real weak spot is being carried around: it refuses to shrink.
AAC is MP3's better-trained successor: cleaner sound from the same number of bits. Advanced Audio Coding: the default soundtrack of YouTube, iTunes and most MP4 video. That makes it the right destination when what you need is streaming-grade sound at friendly file sizes.