Broadcast Wave Format
is probably what you are thinking of - this is uncompressed
and includes metadata to facilitate syncronisation et al - as well as the track/artist stuff mentioned. The important part is the SMPTE Time Code reference.
There is otherwise no difference from MS WAV format - including filesize limitations. Free software capable of playing WAV format can also play BWF format.
You will still get a smaller file at the same quality from FLAC files. BWF is mostly useful for broadcast media where the company is not worried about bandwidth costs. BWF files can be encoded to flac happily with the --keep-foreign-metadata flag.