Ok. Let me clarify.
MP3 is a lossy format at low encoding levels. You can rip lossless MP3s, but they do take up quite a bit of space. Thing is, once you get your files into MP3 at a certain bitrate (like 128k) you can't re-encode them at anything higher than that rate. The digital data is just not there. That may account for music originally ripped at 128 kbps MP3s sounding kinda flat when re-encoded as WAV files.
Now, WAVs are lossless - no data lost when transferring them from AUDIO CD to WAV. Thing is, they take up about 50 MB (rough average) per tune. Mp3, take up about 1/10 the size, but at the expense of some loss of digital data, with a corresponding loss in quality.
Does that make sense?