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wma is a compressed format for audio (Windows Media Audio i guess). and wmv is a compressed format for video (Windows Media Video). It is Microsoft's proprietary compression format for motion video. it is used for both streaming and downloading content via the Internet. very common format. but none of them is uncompressed.
WAV is RAW format for storing audio/speech, we can say this is the output of analog to digital conversion.
WMA is highly optimized audio/speech coding algorithm....with very very good compression ratio.Same is WMV for video, used for next gereration video application at very low bitrates.
All the Audio Coding algo such as WMA etc are applied on WAV files, also the compression ratio is calculated based input WAV file and output compressed file from the Codec.