Best Format For Ripping Live/Mix Albums?

I have a few live/mix cd's and I want to rip them to my pc. I only plan on playing them on my pc and not a portable audio device such as an iPod. What is the best format for this. I don't want to rip to MP3 as MP3 isn't gapless which results in dreadful playback. WAV is too big. I hear FLAC, MPC and OGG are other alternatives. Which format is lossless and sounds identical to the original cd. Any help is appreciated.

 

flac and ape are lossless.
lossy really depends on your ears. i like vorbis.

 

Thanks for the info Shiroh. I might actually go with FLAC. Are FLAC and the other methods you mentioned gapless aswell.