MP2 (MPEG Audio Layer 2) is a Moving Picture Experts Group audio format that comes with a .mp2 filename extension. Like MP3, MP2 is a lossy format and is mostly used for sound broadcasting. Because a limited number of audio players support MP2, it’s best to convert it to MP3, which is a universal format.
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.