The simplest way is to simply reduce your sample rate from 44100 to something more manageable like 22050, 16000, 11025, or even 8000. Most voice codecs don't go higher than 16000 hz anyway. And the older ones are optimized for 8khz.
The next step is to find a codec. There's a handful of codecs to use with the Windows Audio Compression Manager, but almost all of them date back to Windows 95 and sound terrible by modern standards after being decompressed.
You can always convert to WMA in real time using the Format SDK or with Media Foundation APIs. Or just go get an open source MP3 library like LAME.