To those not so familiar with audio DSP: 192kHz and 24bit make perfect sense if you intend to mangle the audio a LOT afterwards. At 192kHz, you can pitch shift your audio down by two octaves and still have frequency content in the entire CD spectrum. Very useful, and common, for movie effects. And 24bit, or better even 32bit, basically eliminates any floating point errors when you have a DSP chain with lots of multiplications.
But for playback, you need around 32-40kHz sample rate and 10 or 11bits. Even 16bit is already overkill.