If I buy a Wav shield?

A lot of us have seen Arduino Punk Boxes or 8 step sequencers. If I were to buy a wave shield would that give me the power I need to build an 8 step sequencer that will sequence wav file drum sounds? will it be able to keep the sounds timed and all that good stuff? I have a bunch of good ideas for Arduino drum machines but all I can find is Arduino tone generators online I would like to expand on these tone generators and have the Arduino sequence wav files.