Can we use 7zip?
Or how about simply using FLAC? Lossless audio codecs compress audio signals better than lossless general-purpose compression algorithms. Apart from that, the 7z format should be preferred over RAR at any time, since it's public domain and has a very similar compression ratio.
offers the same fault tolerance.
"Tolerance" would imply error correction information, which is not enabled by default for any 7z or RAR compression utility I'm aware of. Atlantis was more thinking of the checksum I think, which is of course also present in a 7z container.