While gzip is the standard Unix tool when it comes to compression, there are other tools available and some of them are performing better than gzip in terms of compression ratio.

Audacious is a free, lightweight advanced audio player based on GTK2 which runs on Linux and many other *nix platforms and is focused on audio quality and supporting a wide range of audio codecs. Ubuntu 9.04 Jaunty Jackalope comes with Audacious 1.5.1 while version 2.1.0 is already available for download so if you really like Audacious, I bet you can't wait to upgrade.