Well, you can *sort* of tag wav files in iTunes... If you import a wav into iTunes, you can specify album/artist/genre. Unfortunately, the "tag" is only part of the library file, and not part of the [file].wav itself, so its not portable, and if you blow up your library, the tags will all disappear.
The only thing you really can't do in iTunes with a wav is specify album art, since the library doesn't store album art, it just references whether the song file has album art in it.
The other kind of drag about using wav files in iTunes is that, because the tags are library specific, they all need to be entered. Since I rip in artist/album format, it offended me that I can't somehow recover that information. I recently discovered, in fact, that you can. There is an iTunes SDK that allows you to write simple javascripts to manipulate database information. I just wrote one last night to locate songs with the format "##-Title" in the database, convert the name to just "Title" and convert the ## into an integer track entry. Think it was 10 lines of javascript.
While there is DRM associated with the Apple formats, it is not in effect for ripped files converted to ALAC or AAC. I tend to dislike proprietary formats, but my ALAC and AAC files are playable via my Squeezebox 3s, so there is some ability to use those formats outside the Apple environment.