ORIGINAL: AdamFH
I hardly if at all know the difference between bit and sample rate.
Bit rate is the size of each sample of audio in binary data. It has to do with how an analogue to digital converter takes a slice of audio and converts it to a binary number for storage in computer memory.
With an a 4 bit converter the range of values goes from 0000 to 1111. This gives a maximum of 16 different values. At CD quality, 16 bit words, the maximum value is 1111111111111111 or FFFF in hexadecimal, which turns into a maximum possible 65536 different audio slices for each converted sample.
The sample rate is the number of samples that the analogue to digital converter is processing per second. At CD quality the number of samples per second is 44,100 Herz (cycles per second), usually shown as 44.1KHz
When you see that 24 bit converters are capable of resolving 16777216 different sample values you get an idea of why you are going to see some significant benefits from using the higher bit rate, even when the sampling rate remains at 44.1KHz
PS I don't want to hijack this into a discussion on the merits of one rate over the other, I merely seek to offer an insight for the OP.