Sorry, I did write out a huge post here detailing all my thoughts, but when I clicked submit, the page didn't load properly. So I pressed the Back button to try again, but with this forum being as crap as it is, it forced the page to reload ... so I lost everything I spent half an hour typing.
But summing up:
Stick with 16bit 22000khz mono WAV files. Standard WAVs. There are a bunch of compression techniques for WAVs like ADPCM, IMA and 8bit Au-Law etc, which we all have the codecs for cos they come with windows, but they're not supported. You cant use MP3 for sound files, as far as I am aware - only music files, which will probably restrict you to 1 music file being played at a time, and you wont be able to set music speed.
So:
16 bit, mono, 44khz isn't necessary, as it's only a bit better than ..
16 bit, mono, 22khz. Should be ideal.
8 bit, mono, 22khz at a push, is the smallest of the lot. The jump from 8bit to 16bit isn't noticable for certain sounds, and is for others. Might have to experiment with that one.
Hope that helps ... and I hope I dont lose this post too.
Insiiiiiiiiiiiiiiiiiiiiiiiide!