FLAC (Free Lossless Audio Codec) is a lossless compressed format that supports higher bit rates and more dynamic range, It can handle any PCM bit resolution from 4 to 32 bits per sample, any sampling rate from 1 Hz to 655,350 Hz in 1 Hz increments and any number of channels from 1 to 8.
Free Lossless Audio Codec - Wikipedia, the free encyclopedia
Though a WAV file can hold compressed audio, the most common WAV format contains uncompressed audio in the linear pulse code modulation (LPCM) format. The standard audio file format for CDs, for example, is LPCM-encoded, containing two channels of 44,100 samples per second, 16 bits per sample.
WAV - Wikipedia, the free encyclopedia
Unless you need lossless compression for archival storage Consider the Lame MP3 encoder as an alternative. When ripping set your fidelity as high as practical. Remember that you will never have more resolution than the source material. If the source material is CD Audio then all FLAC or Lame will do is make the files smaller.
PS: I'll rip something today and post the differences in the file sizes.