Despite this thread being with no activity from 7 yrs ago, I may be able to help.
Bit-rate explanation for audio and video is explained here:
https://en.wikipedia.org/wiki/Bit_rate#Multimedia
Sample rate is also explained here:
https://en.wikipedia.org/wiki/Sampling_(signal_processing)#Audio_sampling
if you read the above links and still have questions, I will try to help further, however as a starter...
a 16, 24 or 32-bit 320kbps 44.1khz MP3 is about equal to a 160kbps 44.1khz AAC, M4A (Apple) or similar open-format FLAC or OGG audio file...
and will be smaller in file size (by a factor of 10) and near-CD quality, and similar to uncompressed and lossless WAV or AIFF audio that is 16-bit 300kbps 44.1khz (commonly know as the CD-mastering format of 'Red-Book Audio')
Unless you have ridiculously expensive and audiophile-level audio gear like a $5k amplifier with a pair or several pairs of $2k speakers or a $900 pair of headphones, MOST people cannot even hear the difference between 44.1khz, 96khz or higher sampling rates due to poor hearing acuity, so unless you are trying to make a recording going out to a professional mastering house, or scoring for film that is presented in and of they THX or Dolby Surround Sound systems, I just would not bother, since lots of playback devices still max out at 44.1khz and cannot play anthing with a higher sampling rate.
For average-joe consumer electronics, it's more marketing hype than anything useful for home recording.