WAV files are NOT native CD format. They are 2 entirely different standards
They are the same in the sense that matters, i.e. a WAV file retains the exact data on the CD, bit by bit. I work with this stuff for a living and have _many_ times proved that the WAV files on my PC are bit-for-bit the same as the data on the CD - I check it as a matter of course when CDs I've mastered come back from the factory.
Sampling Rate is frequency dependent ie/ The higher the frequency, the higher the sampling rate needed. It has nothing to do with the number of instruments playing at the same time. I suggest people read more about the Nyquist frequency
The terms 'sampling rate' and 'bitrate' (bit rate, bit-rate?) get a bit confused sometimes, and no surprise. Sampling rate is generally defined for a format (e.g. for CD it is 44100 samples per second) and in turn it defines the maximum frequency you can record. Most MP3 files are at that same sampling rate, though others are possible. It is technically possible to have non-constant sampling rates but it's a bit pointless and never done. Bitrate of MP3 (etc.) files basically tells you how much data compression has been done. Variable bitrate (the 'VBR' setting which as someone pointed out is supported by LAME and _some_ other MP3 coders) gives a higher bitrate when the music demands it and lower when the music allows it.
To answer the question about how much space an 80-min CD takes up:
As WAV files, 800MB = 0.8GB (10MB - megabytes - per minute almost exactly)
As 128kb MP3 (the commonest bitrate), 80MB
As 320kb MP3 (the highest available bitrate), 200MB
As typical VBR, roughly 100MB, give or take at least 20% depending on settings and the music you're encoding.
As FLAC files, which I mentioned earlier, 300-400MB depending on the music.