First off, converting to wav before importing has ALWAYS axed down the filesize for me. As far as i know, when you try to import a sound file into flash, it attempts to convert it to a low-grade MP3 (or someting similar). If you file is already an MP#, it can't do that, so you keep the massive filesize. converting to WAV files makes your .fla file massive, but yoiur .swf file tiny in comparrison.
One of the movies i'm currently working on is currently 5 minutes long, and has sound and music nearly the whole way through so far, and is still under 1 MB. The sound quality isn't always the best, but most of that is due to a bad mic, and not due to sound optimisation. all the music is fine, the sound isn't really choppy or anything.
Most of you aren't professionals, and this site is meant to be about your artwork rather than just your sound quality. This place isn't for getting you a career, so you don't need to have your sound at the highest possible quality. if you want to use your animations in a portfolio, upgrade the sound and host it yourself elsewhere.