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That depends on the application you're using and the settings you've made inside the application. Popular formats are MP3, WAV, AIFF, AAC and, in some circles, Ogg Vorbis. WAV and AIFF are mostly lossless formats. These files are big, but are a 1:1 copy from their CD counterparts. MP3, AAC and Ogg compress music, which results in vastly smaller files at somewhat worse quality (how much worse depends on the bitrate, the format and the quality of the encoder - at higher bitrates, files are virtually indistinguishable from CD).
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