MP3 (MPEG Layer III) developed by Fraunhofer Research (the leading MPEG research institute at Germany and also the people who build the MP3 codec for Internet Explorer), the algorithm is open and free for anyone to use. MP3 has become a source of great controversy as it facilitates the transfer of CD quality music on portable media and the internet. Despite the complains of commercial entertainers MP3 has become a standard in music broadcasting. Supported in popular packages like Winamp and Internet Explorer, MP3 only requires a 486 to play on average bitrates.
WMA (Windows Media Audio) You may have encountered Windows Media Audio under the name of "ASF". ASF is Microsoft's specification for streaming, essentially a wrapper format. WMA is a lossy audio compression algorithm which works only as part of the Windows media player and not as a standard Windows codec (so that you may not convert WMA files to other formats).
WAV is a standard audio format of ripping data sound in Windows. Due to the Microsoft's influence, it has been a universal digital sound file format and almost all audio processig softwares supporting WAV. Because WAV is an uncompressed audio format, so, WAV files is large and not suitable to spread in internet.
Vorbis OGG Vorbis is another porpual audio formats on the Internet. OGG Vorbis is an open source digital audio technology designed to compete with MP3. Unlike MP3, OGG Vorbis is royalty free for developers and end users. OGG Vorbis claims a superior psychoacoustic model that yields better sounding files than MP3 at comparable bitrates.