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From:  Nikos Chantziaras <realnc@arcor.de>
Subject: [gentoo-user]  Re: Decreasing volume of an mp3 audio
Date:  Thu, 27 Aug 2009 05:25:53 +0300
Organization:  Lucas Barks
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On 08/24/2009 09:35 PM, Nikos Chantziaras wrote:
> On 08/24/2009 08:32 PM, meino.cramer@gmx.de wrote:
>> Hi,
>>
>> is there an application, which is able to physically decrease
>> the volume level of an mp3 with as less as possible loss of
>> sound quality.
>
> Unfortunately, no.

It seems I was wrong:

http://en.wikipedia.org/wiki/Mp3gain

This program can alter volume without re-encoding.  And the process is 
fully reversible two.