I actually had 2 questions, well first of all WAV is fine but I always believed that it is never 100% of the original, even the best quality ripped can never be 100% correct?
Sorry Grasshopper, that is not true. The format of CDs is PCM. WAV and AIFF files are PCM files that computers can understand. Unless your source discs are in terrible shape, the files will be exactly the same (depending upon your rip software and how it is configured).
So with a WAV file, what ever dac I use will do its JOB????????
As long as your DAC supports the bit number and sample rate of your ripped file it will convert it to analog.
And with regards to MP3 files, just say a "high quality" file with minimal compression, will my DAC still do its job as WAV file mentioned as lossless?
I think I understand your confusion. The "player" program on your computer is what converts mp3's back into a PCM stream which is fed to the DAC. It can only approximate by algorithms what was lost in the compression. WAV, AIFF and lossless files are sent as a PCM stream without any degradation.
I hope this has been helpful.