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!
Unless you have a jillion $$$ studio, mega $$$ monitors, computers that wont go blue-screen at files that are a dozen times larger, don't mind only being able to use a third the tracks and a third of the plugins before it crashes and record music with a huge dynamic range, just leave your DAW on 24bit/44.1khz and then export your cd-music to 16bit/44.1khz.
The only good reason to use 48khz is if you're doing video (16bit/48k is video standard) or using equipment that is locked on 48k (old ADATs and SBLive cards).
Just lock it down on 24/44.1 and forgettaboutit....