Converting MP3 files

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Newbie question - expert advice sought...

I listen to lots of internet radio - WE7, LASTFM and the like. Recently I have started downloading material with a simple audiocopying package (FREELOADER). Results are pretty good - question is : files are copied in MP3 format - Is it possible to 'uncompress' these files by converting the them to WAV or FLAC format (like zipping/unzipping a data file) ???? I have tried this and it appears to work OK in that it creates a WAV output file but is it 'restoring' the information lost in the compression process ??????

Cheers
 
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