To use the various OtsDJ goodies mentioned above, converting WAVs or (typically) MP3s to the .ots album file format is required. Rick is correct in that direct MP3 and WAV playing is possible, but a small .omx control file is created for OtsDJ-specific data.
What OtsDJ does is take an MP3 file and discard unneeded fields and add a few fields of its own, resulting in a smaller file than the original MP3! The music data portion of the MP3 is retained and is not changed at all. .ots files are very easily converted back to MP3 format.
I personally rip CDs into .ots album files using the Ots Studio ripper with the LAME encoder. That way, I can treat the .ots files the same as I would treat tracks on a CD, as a unit. In Ots Studio I can adjust intros, outros, cue and reference points, and informational data for each track that I rip.
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"The concrete date window is 28th August 2006 to 31st October 2006. It is concrete and firm with the obvious exception of circumstances beyond our control, e.g. Acts of God." - Ots_Steve
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