It breaks the format, making the files non-compliant WAVE files, if you just throw ID3 tags into your WAVE files. I'd be surprised if they work properly. ID3v1.1 seems "safer" but still would make a "broken" file, unless done is a specific way:
There is a standardized set of RIFF tags you can use for tagging WAVE files. There is also BWF (Broadcast Wave Format) which defines a standard type of WAVE file and a standard type of tags. Professional audio solutions will support RIFF chunk editing and/or BWF WAVE tagging.
If you really want to use ID3 tags, there is a solution for AIFF files, but no reason I know why it couldn't be used for WAVE files, since both are similar RIFF formats, and it involves creating a chunk called 'ID3 ' and placing the ID3 frame there, which will not break the container, but also means the software has to specifically know to look for the ID3 tag in that chunk.
You should also be aware that almost no consumer tools even pay attention to anything but the DATA chunks anyway. Tagging RIFF formats is actually extremely common - most WAVE or AIFF sample collections use the RIFF "Application Specific" chunks for organization, search features, and storing authorship and copyright or royalty data.
I'm sure someone like spoon can correct me if I got anything incorrect.
PS -
Here is a program to view WAVE tags in BWF-compliant chunks. While mainly intended for broadcasting, you can see how this is useful. Examples to check out are located on the
same page. You can also view and extract the chunks if you hack around with sox on Unix. I know of no freely available software, however, that can actually write such tags.