DO NOT buy your compact flash card from Best Buy.
This was my experience:
me: I need a Compact Flash Card, Type 2
sales guy: here you go (hands me a sandisk card off the rack)
me: but it says "type 1" in small print right there!
sales guy: hold on, let's get someone
other sales guy: yeah, that'll work fine. type 2 are pretty rare and have to be special ordered. type 1 and type 2 arethe same anyway, except for speed.
me: if I open it and it doesn't work, can I return it?
osg: there's no reason it wouldn't work.
These guys must get paid on comission or something, it pissed me off.
I left and started researching cards online-- Type 2 cards are 5mm thick and Type 1 are 3.3mm thick. I did more research and found this:
http://www.amazon.com/exec/obidos/tg/detail/-/B00006HWZ5/qid=1075414662/sr=-1/ref=sr__1_etk-audio-video/102-7530259-2539314?v=glance&s=electronics&n=1065836
which is exactly what I want - a type 2 card, 1GB, perfect for fitting my live set plus lots of misc. kits, spoken samples, textures etc.
I'm going to order it today and I'll let everyone know how it goes.
As for the .wav format problems I have no idea. I've loaded mono and stereo wav's off of my computer without a problem. I'm using the stock 32mb card that came with my mpc.