sonny,
That is a tough one to explain without sitting down and drawing some pictures, but I'll give it a try.
First:
Every sound made produces some power at most every frequency. However, there is usually a peak frequency heard. For example an regular note "A" is 440 Hz. However, there are components of this "A" across the whole frequency spectrum, the other frequencies just don't have alot of power in them (very small amplitude, basically).
NExt:
When you use a sample rate of 44.1 kHz, for example, you can accurate sample frequencies up to 22.05 kHz. This is called the "Nyquist rate". Any frequency above this will subject to overlapping spectral components, this is called aliasing.
Aliasing:
Imagine a sine wave. It starts at 0 goes up to 1 down to 0, then down to minus 1 and back to 0. This is one wavelength. If this process is faster than half of the sampling rate. There will be overlap between one wavelenth to the next, hence aliasing. The digital representation will not be accurate for this wave in its entirety.
Now, it is true that a higher sampling rate will better reproduce the analog signal. But, as you have probaly heard before, human's can only hear from 20 Hz to 20 kHz (and that is for the best ears around). So, why waste vaulable storage space and processor time on accurately sampling frequecies that you won't be able to hear anyways.
Th majority of speakers can not reproduce frequencies above around 22 kHz anyways. That would mean that the drivesr for the speakers are oscillating 22,000 times a second!! Anything higher requires some very high end components and alot of dough.
Depending on the medium that the finished product will be used on (CD, Computer, DVD) there are reasons for recording at higher frequencies, but it is usually due to be able to use smaller order filters in the speakers and amplifiers. This means cheaper cost for these products.
I hope that makes sense. I could go into more detail, but it really depends on your math and electrical and signal background. Plainly speaking, don't buy into all these companies that want to charge you an extra hundred bucks or so because their gear samples at some astronomical rate. You're wasting your money.
If you want to know more pick up a "Schaum's " Digital signal processing book. You can find them at most book stores and they go into great detail about this stuff. Lots and Lots of math though. I'll try explaining some more if it wasn't clear, but I hope it helps.