In a nutshell, .wav files will always be huge as that is just the way they are. Mp3's are compressed & still give decent sound quality, but if you want straight, full-on CD quality rips, then you just have to deal with the gigantic file size.
Personally, I use a cool little program called "Easy CD-DA" that rips CD .wav files & then, at the time of my choosing, encodes them into bite-size Mp3's at whatever standard bit rate I desire.
.wav files are for pros w/ TB drives, so unless you play music for a living or have uber gigs to spare, I suggest you get off your duff & encode your stuff to VBR Mp3's tootsweet