Bitrate is directly related to filesize. Various compression schemes also have a huge effect on filesize.
A raw wav (for example) that is uncompressed PCM, is 500,000kb. (about 1.5 hours ripped from an avi).
In virtualdub (the program), I ripped the same avi, and used Microsoft ADPCM compression at 44,100hz, 4bit stereo, and the resulting .wav is 126,300kb.
I ripped the same avi again, and used MPEG Layer 3, 24,000hz, 80 kbit, and it's only 52,000kb.
You do the math, and figure out what fits on a CDR.
Find out it's current bitrate and frequency. Most .wav files are between 128kbit and 256kbit @ between 24000hz and 48000hz.
You can drop the bitrate to probably 64kbit, and freq to 24000hz, and I doubt your ears can tell the difference.
It's still going to take some serious compression to fit that whole wav onto one CDR, but it can be done, and virtualdub is the ideal tool to do it. There are others, such as Audacity, Goldwave, Soundforge etc, but vdub is easy.
Given your file is bitrate of 44100Hz, 4bits, stereo, uncompressed PCM, open it in virtualdub. Select Audio, WAV audio. Then Audio again, Full Processing. Then Audio again, Compression. Choose mpeg Layer-3. On the right you'll see a list of frequencies and bitrates. Keep it at 4bit stereo, 44100hz.
If that setting is not available, select the next highest, such as 8bit, 44100hz, anything, as long as it's stereo.
This way, we're not dropping the bitrate, but we are using mp3 compression.
Select File, save .wav and save it somewhere.
Compare it to the size of your original, and it just might fit on a CDR.