Lossless formats (Unlike MP3 which does lose data)>
# Apple Lossless
# Monkey's Audio
# Shorten, Shorten
Wave is of course going to take up the most space, as it is uncompressed. The others are compressed somewhat in some way, but don't lose any actual song data in doing so. Flac seems pretty good for space vs speed at encoding.
Ogg Vorbis (Some still think its better than MP3);
Windows Media Audio (Don't personally like it)
I hope this answers some of your questions, as with a good sound card, 24 bit should be possible at that rate.