question about a 24bit soundcard

with an E-MU 24bit sound card is that what I'm hearing when A 16bit recording is played?
I remember the literature stating "always at 24bit sound".
 
It probably just adds meaningless zeros to the unused bits of the file, but the digital noise floor of the 16 bit file remains where it is. That is, it will sound just like 16 bit playback.
 
For 24/48 it's about 500MB per track per hour, so a four hour stereo track would be about 4GB. Five GB for 16 bit seems somewhat high but not drastically so.
 
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