Types of music that can be used

Hi, just a quick question concerning the types of music files that can be used with this version of Rpg Maker. If I remember correctly the music that comes with the application consist purely of midi files. These are ok and are of course much smaller than most formats and they compress well if applicable  (save the formats like spc, psf, etc). The main problem I have with them is that most of the time (at least to me) they sound incredibly cheap as opposed to say MP3s. I'd like to be able to write and use MP3 quality music with my games, but with the number of sound files in an average game tends to make the files absolutely huge.

So my question is: are there any specific formats with at least very close quality that rpg maker supports natively and happen to be at least fairly small? Also, does anyone here have any tips on creating midi files that actually sound better than the ones you normally find? Any input would be very much appreciated.

(Note: I do see a directory on the forums concerning compositions, seeing as im really new here [obviously] though I wasnt sure if this should go there. If it was supposed to please move it for me).

No, this is a good place to put this topic.

I personally like ogg as an alternative to mp3 and it sounds ok, but I have no idea if it is supported by 2k3 or not. Sorry.

There's something with filesizes, it has to be over 10kb.
I dunno. I think all formats work. .wav,.ogg and .mp3 work for me (tried)