YOur WAV file is probably already compressed using PCM compression
which would explain the small amount that you get from file compression.
PCM is not a compression format, it is raw, uncompressed sample data (one value per sample). However, it likely won't compress very well, just like "zip" on a short wav file won't give you a whole lot.
There are two APIs that are part of Windows you can use to compress sound data. One is the acm functions (Audio Compression Manager, part of the old-school mmio interface); the other is DirectShow. There are samples in the Windows SDK for how to compress a stream of data using DirectShow. Even though you have packets, that's not too hard to re-buffer into the stream needed by DirectShow, then you send that data, and re-buffer the output of decompression on the other end.
The Audio Compression Manager is
documented on MSDN. Again, because some compression codecs require specific buffer sizes, you may need to re-buffer between your wave input and the compressor.
Finally, if it's voice, you probably want to use a format like 16 kHz, 16 bits, mono as the baseline to save on bandwidth (if you're using 48 kHz, 16 bits, stereo right now, that's a savings of 6:1 without compression!)