(ICT) MPEG Layer 3: see MPEG. MP3 is a file format for storing high-quality audio files that can be played back on computers and portable media players such as the iPod. MP3 has the advantage of taking up far less storage space than the WAV format without loss of quality. See also WMA, which is and alternative audio file format. See Media Player. See Section 2.2.3.3, Module 2.2, headed Sound recording and editing software. See MP4