What is the hottest buzzword around the Internet today? What topic has replaced ‘sex’ as the most searched for term on the web? The answer to both of these questions is . MP3 stands for MPEG 1 Layer 3 Audio, which is a digital audio compression format developed by the Moving Picture Experts Group. It takes a CD audio file and gets rid of all the frequencies on the song that can’t be heard by the human ear, thus ridding the data file of much wasted space. With compression, the files turn out to be around four times smaller than the or ....