MP3 (MPEG-1 Audio Layer 3):Mp3 is an audio file that has been compressed to a smaller size.
For example a normal music CD holds approximately 20 songs where as a CD filled with mp3 could contain from 150-200 songs.
You can play mp3′s CDs in most DVD players and on actual stereo Mp3 players. However the most popular way to use them is to transfer the digital mp3 file to your portable mp3 player.
On your computer mp3 files play in Window Media Player or most other players like Win amp, Real player, and more….
WMA (Windows Media Audio):It is very similar to the mp3 file but was developed by Microsoft. It is also compatible with most DVD players and portable mp3 players. When you rip an audio CD with Windows Media Player, which comes with windows, the files will usually become WMA’s. It is becoming very popular and may overtake the mp3 file.
On your computer WMA files play in Window Media Player and some other players like Win amp and Real player
Red Book Audio:
Red Book audio is the standard for normal audio CD’s. (the ones you buy in the store) It is not compressed.
Named after a book that has the technical specifications for all CDs format.
Cause of this transfer you can read at this link