Can you have two copies of a song in different formats?

I have my iMac connected to my stereo, and also use a 30GB iPod with it. When I play my music directly from iTunes into the stereo, I'd likve to use a .wav file format as it came from the CD. However, these are much larger than I'd want to have on my iPod, so I'd like to have another copy of the song in AAC format. That way, I can listen to the .wav version for its resolution on my system, but have the convenience of the storage that the AAC offers.
However, I cannot seem to figure out how to use iTunes to do this. Let's say I import the CD the first time using .wav. If I try to put it in the second time to import as AAC, it asks if I want to Replace Existing, or Don't Replace. I cannot import it again, using the different import setting.
Anyone have any ideas how I can do this?
Thanks,
Curt
20" intel core duo iMac   Mac OS X (10.4.8)   20" Intel iMac
20" intel core duo iMac   Mac OS X (10.4.8)  

Okay, so I was a bit dense about this. I just figured out that if I use the "Don't Replace" option, it will import it a second time, using whatever settings I have. It would be nice if iTunes could automatically create a second copy!

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