I am fairly new to this so hopefully it not as bad as I think. I have just recorded most of my first song in 96kHz 24bit which from most stuff I read seamed a good idea. However, when I render it it's a huge WAV file about 116Mb. So I placed it into mp3 and other types of WAV reducing the kHz however they all sound compressed and dead.
So how do I make it not sound like poop and actually get a sensible sized file? (Hopefully the answer is record in 41kHz)
Dude, just bounce it down to a 44.1khz wave file, and then chuck it to an MP3 (something like 256kbps stereo). You don't need to do anything more with it.