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1. Normally the bit depth is controlled via the recording program you use. Consumer programs usually keep it at 16 bit, 44.1 kHz. More professional progs leave that choice to you.
2. If I recall well, that's the internal samplerate for the card (and/or ASIO settings). Like above, good recording programs let you choose the samplerate. Higher rates are qualitatively better, but eat up more resources (and space). For normal use, 44.1 kHz is a normal ratio. If you are going to record, I'd use 48 kHz. 96 is slightly better, but the amound of space you need more is a big drawback, too big to be really useful for a mere cd recording.
3. If you want to take full advantage out of a high grade soundcard, you'll have to use high grade audio applications.
The best examples I can give you are Soundforge, Wavelab and Samplitude (I swear by these three). They are pretty expensive, but worth it. Besides if you need them, PM me 
4. Again, downsampling is managed by those programs. they have pretty good dithering algorythms. All you have to do is record the stuff in high quality (24 bit and high samplerate), apply any edits/effects you want, and on the end save the stuff in 16 bit, 44.1 kHz and burn (wavelab and samplitude have extensive burning capabilities so they can do all the work for you, Soundforge can burn cd's too, but not those continuous mix cd's with tracks. Maybe SF6 can do it, have to check it out).
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Audiophile 2496 - Questions [DJThy?]
