|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. Since LPCM uses an uncompressed storage method which keeps all the samples of an audio track, professional users or audio experts may use the WAV format for maximum audio quality.
WAV (with LPCM) is what people editing and working with audio use because it runs natively and thus is easy to work with. It's also about two or three times as big as FLAC files. When you run a program like EAC, it extracts the PCM files from the CD as WAV, and then if you chosen to, transcodes to a compressed format, such as FLAC or MP3.
The joke was that it's completely ludicrous to use for regular listening, because the files are gigantic and don't support meta-data, afaik. The idea is that for some reason people think bigger, more annoying files = higher quality, so introducing people to uncompressed music on head-fi sounds like a great experiment to see how dumb people get. Every player supports WAV, so it might seem like a dream come true to some people