Not sure what you mean by "compressing" wav files...
Vista/Win 7 Soundrecorder defaults to saving in .wma format, except in Europe (N
You can save in .wav format by starting the program with a parameter...
soundrecorder /file outputfile.wav
You can put this line in a shortcut.
Also, the XP sndrec32.exe will work if you copy it over.
Or, you can download a free program, like Audacity Audacity: Download
which is also an editor.