I've been doing some experimenting with audacity today. I've brought in some audio samples from a couple of mini-disc masters I have from some shows I taped last year (these were edited and encoded by a friend for me), with a jack-to-jack analog lead into the input in the back of my machine. I was just wondering what settings I need to be working too. I recorded a minute and a half long sample, in stereo @ 44.1KHz/32 bit. These sounded great, but when I exported the wav file, it was 18.3 MB. Obviously, and hour and something long show is going to be huge! Is it possible/advisable to initially bring the master in at these settings, and then change them down afterwards to something a bit smaller like 16 Bit, or should I make the master 16 bit to begin with? - Does that make sense?
Also, is it best to have the output volume on the mini-disc player on full as it exports, and then adjust it in Audacity afterwards? I'd assume it was - but I'm not sure.
Basically, if anyone could offer some advice as to what sort of defaults etc I should be working to to get the best results, It'd be much appriciated. I'm pretty new to the editing side of things (hence the fairly nonsensical post), but I'm keen to learn!

Thanks!
-Ben