In your windows folder there is a program called sndrec32.exe, if you open it it is a very basic sound recorder and quality encoder.

Pop ur file in there, if its cd quality its most likely 44100, stereo, 192 kbs or something similar. They seem to class cd as being between 160 - 192 kbs..
Anyway, Go to file> properties> convertnow and change the format to mpeg layer 3.
Thats the format that freelancer uses, then pick the quality.
I use 24000, stereo, 56k kbs. I think normal freelancer is 22050 kbs, stereo, 56 kbs.

Its amazing how small the file becomes and the quality isn't reaaly affected too badly. It is certainly playable and during the game you wouldn't notice at all.

A normal CD quality wav is approx 40 meg, using the mpeg layer 3 its more like 1.5 meg. Making your cd player thing a possibility..

Yeah, but you cant make an mp3 a weapons fire sound can you?

Oh, no the encoding is mpeg based but it is still a wav file. Its the same as the ones used in the original game.

Just use Wavepad to do your conversions. I think you'll find it easy to convert file types from one to another using any type of encoding. I use 56 bitrate MPEG encoding on .wav files, it is basically an mp3 with a .wav extension.

Eh. I might do it. Would be kinda fun. I'm not sure if Argh alredy did it.

its called stream casting or internet radio - that would be an awesome program but the server bandwidth required is going to drastically cut into your connection,the same goes for the users

No, I haven't done it, because it would require music that was in the public domain, or permission from recording artists to use their work. Finding enough decent music that's really, truely public domain is rather hard, and it's never anything new- most musicians who're worth hearing in the first place copyright their work, of course.