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.