Seek and yee shall find ...
Thanks for the correction, Brian ... and thanks to all who have posted.
I have learned much in the last few days about digital audio coding. For example:
MPEG4 AAC (Advanced Audio Coding) is a proprietary audio format used by Apple's iTunes and is by definition lossy. This codec (an improvement over MP3 according to "professional listeners") utilizes Perceptual Coding, which removes "perceptually irrelevant" data from the original source (as does MP3). Redundancies in the coded audio signal are also removed. Hence the term "lossy".
I am moving away from my initial interest in WMA since I discovered that typically the WMA downloads available are not lossless and have strong DRM applied (like AAC). WMA Lossless is available, but is only an option when ripping (the same as Brian pointed out with Apple Lossless and iTunes).
My research has lead me to this site:
http://flac.sourceforge.net/
FLAC (Free Lossless Audio Codec) is an open-source lossless format that uses a method of compression similar to that used to produce Zip files, which produces an exact copy of the original. The FLAC Project is committed to providing the best lossless codec available for free, and encourages others to improve on it. I have been checking out some of the music links offered up on the site and have been really impressed with the variety of music available, and its cost. Typically you will pay a few $ less for the FLAC files as opposed to buying the CD. I also found a site that offers 24 bit FLAC downloads.
Anyway, that's enough taking ... got to get back to listening.