Yes. It is possible to create a file of noise which ALAC can't reduce in size. But ALAC is designed for audio that doesn't sound like complete noise, and thus can be losslessly compressed to something smaller. Basically, if a human can hear something other than just noise, there's some amount of redundancy in the information theoretic sense. And that allows lossless compression in size.
You're describing lossy compression, which completely removes information which isn't heard (hence "lossy"). At best, lossy compression is acoustically identical to the source according to the human ear, but it can never reproduce the exact information of the source.
Lossless compression eliminates information that is actually duplicated, most obviously silence or "held" notes. Losslessly compressed information, when decompressed, is identical to its source at the data level.
Waveform data is nothing more than sound intensity at a certain bit strength, recorded at a certain sample rate. You can technically play any bits you can imagine as if they were a sound waveform...such as, say, the text of Moby Dick. It would sound completely insane, but you could do it. If you were to do this, and lossily compress the resulting waveform -- using any lossy algorithm, at any bit strength -- you could never decompress this file, and get back the text of Moby Dick, like you could with any lossless format. That's the benefit of lossless -- the sound is just smaller, not different.
Had efficient lossless compression been around in the late 80s, we might have gotten MiniDiscs that actually sounded good, or CDs that were twice as long.
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I'm not sure internet speed is the reason Apple hasn't offered Apple Lossless yet. For sake of argument let's say the average size of an Apple Lossless file is
40 MB (it's probably less than that) and let's say the number of songs on a album is 20 songs.
That's 800 MBs. People download HD movies and HD TV shows that are way bigger than that and they only enjoy those once.
Considering the average album UNCOMPRESSED is about 800 MB, your math is flawed by 2x. And yes there are nerds who would download an album at 400MB and even pay more for the privilege. I'm one.