Hi Edward,
It's been mentioned many, many times on the forums over the years that 16 bit and 44.1 kHz are the recorded and playback characteristics of the Audiophile wav files. This is audio CD quality.
If you're interested in gaining a little more insight, the below link compares different bit rates and sampling frequencies.
http://tweakheadz.com/16-bit-vs-24-bit-audio/What I find particularly interesting is that as bit rates and sampling frequencies increase, files become significantly larger. For example, as the above site shows, a 3 minute single stereo wav file at 16/44.1 is around 30 MB. The same 3 minute wav at 24/96 is around 99 MB.
Thus, in my DAW if I use 10 wavs at 16/44.1 to create a mix (I often use more than this), I will need 300 MB of hard disk space for my song's storage.
By comparison, at 24/96, I would need just under 1 GB (1,000 MB) of hard disk space. While the above site doesn't mention 24/192, I anticipate that it could be 1.5 - 2.0 times as large as 24/96. This would mean that within a DAW, a 3 minute song with a 10 track mix could possibly take around 1.5-2.0 GB of disk space.
The above article is a very interesting read.
Regards,
Noel
EDIT: I see John Ford was typing at the same time I was. I also see he has the calculations for 24 bit and 192 kHz. It seems that a 10 track mix, with all audio at 24/192, would require nearly 2.0 GB of hard disk space.