My bad. FLAC is indeed lossless compression. So, anyway.
wav>better-than-MP3-lossy-compression>MP3
Mikey, use this instead of mspaint:
http://www.irfanview.com/
And yeah, use jpg.
About IrfanView:
For jpeg, use 80 - 85 if you don't want any noticeable loss in quality.
Use 70 - 75 if you don't mind a slight, barely noticeable loss in quality, and what the file size reduced more.
You'll know what I mean by 80 when you try to save your jpeg with "Show options dialog" enabled.
Kinda blah. Wait till I get used to Photoshop again.