There is only one file type that uses the .WEM extension:
Wwise Encoded Media File
File created by Wwise (WaveWorks Interactive Sound Engine), a sound engine used for producing video game audio; contains audio data encoded in the Wwise proprietary format; uses a format that allows sounds to be modified in real-time during gameplay; may be packaged within a game archive rather than stored as a standalone game asset file.
Wwise has been used for many different video game titles, such as Star Wars: The Old Republic and Batman: Arkham City.
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Updated: February 19, 2012