G'day Ted,
The 4m49s wave file should have been approaching 50mb if stereo. However it's possible to create a file with a .wav extension which actually has mp3 compression & is recognized as a "wave" file by windows media player. The file nstools.exe can be downloaded from Microsoft & enables recording software (some anyway) to save in this format, you may be unaware that you're using it. Nstools provides a medium quality compression, but the result can be good for attaching to emails.

Cheers,
Alan