iTunes Converting MP3 to Wav - Is it really a Wav file?

Although the converted file is technically a wav file, there will be no improvement in the sound quality. None at all. If anything, you may lose quality because every conversion has the potential to lose information and thereby reduce the quality.

If you want maximum sound quality, you need to buy the best quality files to begin with, and to achieve that you may need to try specialist outlets.

I'm not convinced though, that wav fits that bill. To begin with, the files will be huge. If you want to add them to any portable device, you will be taking huge amounts of storage, but are unlikely to be able to appreciate any significant increase in sound quality. Many modern computers have small storage capacity, so even on your computer, you may run out of storage room quickly. Also, you cannot add artwork to a wav file. With most (if not all) other file formats, the artwork is stored in the file, as part of the file. But with wav files, you tell iTunes which picture to use as artwork and iTunes simply remembers that. If you copy the wav file to somewhere else, the artwork does not go with it.