WAV is a lossless, no-compression audio file format. Often replaced by newer formats, WAV remains in use for convenience, widespread support, and as an intermediary format.
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.
Source:webopedia