Hi Hector,
I searched the archives here and on the iPod lounge before posting this. I'm sure this can be done...
I figure 400 Cd's @ at an average of 600mb each will take up about 240gb of disk space on my hard drives, to shrink the files to fit on my 20gb iPod I'll have to compress 12:1. I don't know which compression utility will compress 12:1 and still sound decent.
Bigger problem is maintaining the WAV files on the HD while converting, the import feature on iTunes doesn't seem to support such a thing. Then again, as the title suggests I'm an iPod idiot.