you can re-encode the mp3 using a program like dBPowerAMP, or using EAC and LAME, but re-encoding will result in a loss of quality.
How many tracks do you get on a CD? You should be able to get a whole bunch of tracks, I can't remember like 50-80 mp3, these will only play on PC or portable /home CD/mp3 player; Now .WAV will get ya maybe 15-20 tracks/CD and plays in car/portable CD players.