UstadJohnny,
I'm not trying to cut in on Ed's response to your question, he knows what he's talking about far more than I do, but anyways see if this helps.
I went through this exact problem about two months ago, and posted a similar thread on the same subject. Unfortunately, you will not be able to make your CD-R sound the same as your .wav files playing back on your computer. I struggled with this for a while, I would get a .wav file sounding good, burn it to CD-R, and notice drops in my decibel level on CD-R playback.
The reason for this has already been posted by Sonusman a few posts up. When you are playing back your .wav files through your soundcard (and Im going to assume you have a 20 or 24 bit soundcard) you
1. have the benefit of hearing your music on a 24 bit 48000 kHz system, the higher bit rate and sample rate will add more clarity to your music
2. are taking advantage of your soundcards higher quality D/A converters. This was Ed's point above is consumer quality CD playback devices have a lower D/A conversion quality...combine that with point number 1, and that is why your .wav will never sound like your CD-R.
I found that my soundcards hotter D/A conversion rate gave it an artifical sense of having a higher decibel level....this is all just relative though...
Im not saying mastering your CD's will not give them more depth/sparkle/punch, it will always benefit your sound to have them mastered.
Anyways thought my experience might help....ill let someone who knows what they are talking about answer your question now.......
Heat