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What is APE?
AVS Plugin Effects File
APE is a lossless compression algorithm for WAV audio files, commonly used for storing music taken from CDs (CDDA).
The APE format includes support for tags where additional information and error detection can be specified. Occasionally, APEs can be found along with .cue files that contain a disk image. Monkey's Audio lets you compress WAV files, reducing the volume by about 50-70%, while still sounding like the original CD, although the file size will be larger than MP3.
KMPlayer, Nullsoft Winamp with the Monkey's Audio plugin, etc.