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if you're playing a gigantic orgasmatronic soundsystem with monstrous woofers and super high definition speakers that will blast for miles away... then yah.

you see, the idea behind MP3 is that it is a system that will take advantage of the human ear's shortcomings. being the crappy little things we are, we can only perceive a certain frequency range, below it, is what you call infrasound, above it is what you call ultrasound, both of which we cannot hear. MP3 compression algorithms will remove the frequencies outside this range to minimize filesize while still delivering sound comparable to the original product by our human perception. now, the higher the bitrate, the more space is taken up to add definition to the sound, hence the term bit-rate, and it's measurement, kbps, ie. kilobits per second. for every second of the track, X amount of kilobits are used. the more used, the higher quality it will have, obviously.
finally, some frequencies we cannot hear can however affect the overall output of a great soundsystem. but the cases where you will be able to notice any difference between 320kbps and WAV will probably be VERY few.
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check out my guest mix for OndaSonora Podcast (aug.2009)
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