M2TS (MPEG-2 Transport Stream) is a Blu-ray BDAV container format that uses MPEG-2 transport stream and comes with a .m2ts filename extension. It can manipulate audio, video, and other metadata such as disc menu and subtitles. At a bare minimum, any Blu-ray player should play M2TS files easily.
WAV, sometimes called WAV, is an audio container format developed by IBM and Microsoft and comes with a .wav filename extension. Unlike popular formats like MP3 and MP4, WAV isn’t a lossy format, so it’s bigger and less popular. WAV files can be opened on various OS platforms via software like Windows Media Player, MPlayer, VLC Media Player, and more.