From the site: daxaif is a no-loss audio compression program which performs live capture or converts audio files, movie sound tracks, or audio CD tracks into a compressed “.dax” file format. This format allows fast locating and selection of audio passages through the use of a clickable compression-factor map. The selections can be played or saved in uncompressed AIFF or further compressed to AIFC format using any QuickTime-supported compresser. .

http://www.dakx.com/daxaif/