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Make ogg file from wav file
This will record the capture channel of your soundcard, directly encoded in Ogg Vorbis, in stereo at quality 5 (I'm using this to record live jam sessions from my line input). You can choose which device to capture (eg. line input, microphone or PCM output) with
alsamixer -V capture
You can do the same thing and live encode in MP3 or FLAC if you wish, just check FLAC and LAME man pages.