You can't upgrade the quality by recording as WAV. If its an MP3 you're recording, then exporting as WAV, there will be no difference in audio quality, just file size. You wouldn't notice the difference in quality anyway so record as 320
Well I moved to a new city and I wanna play out here. Have been trying to record a promo mix for a while now, I borrowed a soundcard off a mate to record a mix but it turns out that my laptop isn't capable of recording a clean mix on goldwave or audacity (loads of skips). I'm gonna ask to borrow another mate's macbook to record it on. Will post it up soon.
The difference between WAV and MP3 is the quality which for most people is hardly noticeable, however for professionals and audiophiles I would recommend WAV files converted to FLAC format. FLAC format is a lossless format which means you don't lose the quality converting your WAV but save hard drive space by 50% or more.