Encode your high quality wav files (direct CD rip) with flac, then you can play them with foobar2000 - absolutely no quality loss.
And, btw, NO your files will not be of better quality, when you encode your mp3 files to flac. You need to have highest quality for source material - mp3 is already crippled audio - it still sounds good, at least for non-musicians, but FLAC is for the elite studio guys.
mp3 means degradation and degeneration of your perception, it will kill your senses.
You will not understand this, when you are young today - you will understand, when you will be old, but then it will be to late.
If you really love music - USE FLAC!
FLAC 1.1.4 on 11 March 2007, reviewed by: r0cks0ul