Well, you can *sort* of tag wav files in iTunes... If you import a wav into iTunes, you can specify album/artist/genre. Unfortunately, the "tag" is only part of the library file, and not part of the [file].wav itself, so its not portable, and if you blow up your library, the tags will all disappear.
The only thing you really can't do in iTunes with a wav is specify album art, since the library doesn't store album art, it just references whether the song file has album art in it.
While there is DRM associated with the Apple formats, it is not in effect for ripped files converted to ALAC or AAC. I tend to dislike proprietary formats, but my ALAC and AAC files are playable via my Squeezebox 3s, so there is some ability to use those formats outside the Apple environment.