CD's are 44.1 khz/ 16 bit. Most people record at 24 bit and then dither down to 16 bit when exporting to wave. Also, you can record anywhere from 44.1khz up to 192 khz, but don't expect to hear a difference, just use up a whole lot more hard disc space.
Personally, I record at 44.1khz /24 bit and export at 44.1/16 but it's preference. Ask about recording at higher sample rates and you get a forum string about 1000 opinions long!