diff --git a/LATEST_VERSION b/LATEST_VERSION
index 20fd28c016..d3d78fa6e0 100644
--- a/LATEST_VERSION
+++ b/LATEST_VERSION
@@ -1 +1 @@
-2011.12.15
+2011.12.18
diff --git a/README.md b/README.md
index 27a1bfe40b..4adcb1f449 100644
--- a/README.md
+++ b/README.md
@@ -83,8 +83,8 @@ ### Authentication Options:
 ### Post-processing Options:
     --extract-audio          convert video files to audio-only files (requires
                              ffmpeg and ffprobe)
-    --audio-format FORMAT    "best", "aac", "vorbis", "mp3", or "m4a"; best by
-                             default
+    --audio-format FORMAT    "best", "aac", "vorbis", "mp3", "m4a", or "wav";
+                             best by default
     --audio-quality QUALITY  ffmpeg audio bitrate specification, 128k by default
     -k, --keep-video         keeps the video file on disk after the post-
                              processing; the video is erased by default
diff --git a/youtube-dl b/youtube-dl
index c2511e8644..2522e02331 100755
--- a/youtube-dl
+++ b/youtube-dl
@@ -18,7 +18,7 @@ __author__  = (
 	)
 
 __license__ = 'Public Domain'
-__version__ = '2011.12.15'
+__version__ = '2011.12.18'
 
 UPDATE_URL = 'https://raw.github.com/rg3/youtube-dl/master/youtube-dl'
 
@@ -759,10 +759,6 @@ class FileDownloader(object):
 		if filename is None:
 			return
 
-		if self.params.get('nooverwrites', False) and os.path.exists(filename):
-			self.to_stderr(u'WARNING: file exists and will be skipped')
-			return
-
 		try:
 			dn = os.path.dirname(filename)
 			if dn != '' and not os.path.exists(dn):
@@ -804,16 +800,19 @@ class FileDownloader(object):
 				return
 
 		if not self.params.get('skip_download', False):
-			try:
-				success = self._do_download(filename, info_dict)
-			except (OSError, IOError), err:
-				raise UnavailableVideoError
-			except (urllib2.URLError, httplib.HTTPException, socket.error), err:
-				self.trouble(u'ERROR: unable to download video data: %s' % str(err))
-				return
-			except (ContentTooShortError, ), err:
-				self.trouble(u'ERROR: content too short (expected %s bytes and served %s)' % (err.expected, err.downloaded))
-				return
+			if self.params.get('nooverwrites', False) and os.path.exists(filename):
+				success = True
+			else:
+				try:
+					success = self._do_download(filename, info_dict)
+				except (OSError, IOError), err:
+					raise UnavailableVideoError
+				except (urllib2.URLError, httplib.HTTPException, socket.error), err:
+					self.trouble(u'ERROR: unable to download video data: %s' % str(err))
+					return
+				except (ContentTooShortError, ), err:
+					self.trouble(u'ERROR: content too short (expected %s bytes and served %s)' % (err.expected, err.downloaded))
+					return
 	
 			if success:
 				try:
@@ -3925,6 +3924,9 @@ class PostProcessor(object):
 		"""
 		return information # by default, do nothing
 
+class AudioConversionError(BaseException):
+	def __init__(self, message):
+		self.message = message
 
 class FFmpegExtractAudioPP(PostProcessor):
 
@@ -3956,12 +3958,23 @@ class FFmpegExtractAudioPP(PostProcessor):
 
 	@staticmethod
 	def run_ffmpeg(path, out_path, codec, more_opts):
+		if codec is None:
+			acodec_opts = []
+		else:
+			acodec_opts = ['-acodec', codec]
+		cmd = ['ffmpeg', '-y', '-i', path, '-vn'] + acodec_opts + more_opts + ['--', out_path]
 		try:
-			cmd = ['ffmpeg', '-y', '-i', path, '-vn', '-acodec', codec] + more_opts + ['--', out_path]
-			ret = subprocess.call(cmd, stdout=file(os.path.devnull, 'w'), stderr=subprocess.STDOUT)
-			return (ret == 0)
+			p = subprocess.Popen(cmd, stdout=subprocess.PIPE, stderr=subprocess.PIPE)
+			stdout,stderr = p.communicate()
 		except (IOError, OSError):
-			return False
+			e = sys.exc_info()[1]
+			if isinstance(e, OSError) and e.errno == 2:
+				raise AudioConversionError('ffmpeg not found. Please install ffmpeg.')
+			else:
+				raise e
+		if p.returncode != 0:
+			msg = stderr.strip().split('\n')[-1]
+			raise AudioConversionError(msg)
 
 	def run(self, information):
 		path = information['filepath']
@@ -3995,7 +4008,7 @@ class FFmpegExtractAudioPP(PostProcessor):
 					more_opts += ['-ab', self._preferredquality]
 		else:
 			# We convert the audio (lossy)
-			acodec = {'mp3': 'libmp3lame', 'aac': 'aac', 'm4a': 'aac', 'vorbis': 'libvorbis'}[self._preferredcodec]
+			acodec = {'mp3': 'libmp3lame', 'aac': 'aac', 'm4a': 'aac', 'vorbis': 'libvorbis', 'wav': None}[self._preferredcodec]
 			extension = self._preferredcodec
 			more_opts = []
 			if self._preferredquality is not None:
@@ -4006,14 +4019,21 @@ class FFmpegExtractAudioPP(PostProcessor):
 				more_opts += ['-absf', 'aac_adtstoasc']
 			if self._preferredcodec == 'vorbis':
 				extension = 'ogg'
+			if self._preferredcodec == 'wav':
+				extension = 'wav'
+				more_opts += ['-f', 'wav']
 
 		(prefix, ext) = os.path.splitext(path)
 		new_path = prefix + '.' + extension
 		self._downloader.to_screen(u'[ffmpeg] Destination: %s' % new_path)
-		status = self.run_ffmpeg(path, new_path, acodec, more_opts)
-
-		if not status:
-			self._downloader.to_stderr(u'WARNING: error running ffmpeg')
+		try:
+			self.run_ffmpeg(path, new_path, acodec, more_opts)
+		except:
+			etype,e,tb = sys.exc_info()
+			if isinstance(e, AudioConversionError):
+				self._downloader.to_stderr(u'ERROR: audio conversion failed: ' + e.message)
+			else:
+				self._downloader.to_stderr(u'ERROR: error running ffmpeg')
 			return None
 
  		# Try to update the date time for extracted audio file.
@@ -4252,7 +4272,7 @@ def parseOpts():
 	postproc.add_option('--extract-audio', action='store_true', dest='extractaudio', default=False,
 			help='convert video files to audio-only files (requires ffmpeg and ffprobe)')
 	postproc.add_option('--audio-format', metavar='FORMAT', dest='audioformat', default='best',
-			help='"best", "aac", "vorbis", "mp3", or "m4a"; best by default')
+			help='"best", "aac", "vorbis", "mp3", "m4a", or "wav"; best by default')
 	postproc.add_option('--audio-quality', metavar='QUALITY', dest='audioquality', default='128K',
 			help='ffmpeg audio bitrate specification, 128k by default')
 	postproc.add_option('-k', '--keep-video', action='store_true', dest='keepvideo', default=False,
@@ -4398,7 +4418,7 @@ def _real_main():
 	except (TypeError, ValueError), err:
 		parser.error(u'invalid playlist end number specified')
 	if opts.extractaudio:
-		if opts.audioformat not in ['best', 'aac', 'mp3', 'vorbis', 'm4a']:
+		if opts.audioformat not in ['best', 'aac', 'mp3', 'vorbis', 'm4a', 'wav']:
 			parser.error(u'invalid audio format specified')
 
 	# File downloader
diff --git a/youtube_dl/__init__.py b/youtube_dl/__init__.py
index 6645d7f6cf..2522e02331 100755
--- a/youtube_dl/__init__.py
+++ b/youtube_dl/__init__.py
@@ -18,7 +18,7 @@
 	)
 
 __license__ = 'Public Domain'
-__version__ = '2011.12.15'
+__version__ = '2011.12.18'
 
 UPDATE_URL = 'https://raw.github.com/rg3/youtube-dl/master/youtube-dl'