Developing energy efficient strategies for the extraction, transmission, and dissemination of information is a core theme in wireless sensor network research. In this paper we present a novel system for decentralized data compression and predistribution. The system simultaneously computes random projections of the sensor data and disseminates them throughout the network using a simple gossiping algorithm. These summary statistics are stored in an efficient manner and can be extracted from a small subset of nodes anywhere in the network. From these measurements one can reconstruct an accurate approximation of the data at all nodes in the network, provided the original data is compressible in a certain sense which need not be known to the nodes ahead of time. The system provides a practical and universal approach to decentralized compression and content distribution in wireless sensor networks. Two example applications, network health monitoring and field estimation, demonstrate the utility of our method.