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Theres a lot. The most common would be mp3. but theres also OGG, WAV,WMA, and a whole list of other formats. The thing about mp3 is that its a really good lossy format, lossy format means that when a file is compressed it loses some information. Lets say you convert a WAV file to an mp3 file. The WAV file with the same clarity as the mp3 file will be about 6-7 times the size of the mp3. Unless your a music editor, mp3 is usually the way to go.

Heres a nice link if you'd like to learn a bit more

http://en.wikipedia.org/wiki/Audio_file_format

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Q: What are the different audio file formats in multimedia?
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