You're right, there would be no loss. However, this is kind of a waste of hard drive space.
You can use a form of "lossless" compression like FLAC, though... you'll get a file about Â½ or Â¾ the size of the original.
I'd bet you already know that MP3, WMA, etc. throw away bits of the sound that you can't hear to make the file really small... it allows them to be between 1/4 and 1/30 the size of the original.
Well, lossless compression like FLAC works in such a way that nothing is thrown away.