Bear in mind that as soon as you compress a freshly-ripped WAV to MP3, you've already discarded some data. That means anytime you decode the MP3 back to WAV and re-encoded it at 128k, you're losing even more data.
Therefore, if you took a WAV file, encoded it as a 192k MP3, decoded it and re-encoded it at 192k over and over again, eventually the quality of the song will be so bad YET still have about the same size that you wouldn't believe it was originally a higher-quality 192k MP3.