Remember CD's are 16bit stereo - 44.1kHz.
If your soundcard outputs in 24bit your golden. Higher resolution discs are coming soon, the 16bit pcm cd standard may no longer be. Having a soundcard that does 24bit is good for future formats. (HD DVD, Blue-ray)
Kbps will vary between format.
An mp3 at 320kbps, will sound excellent and very close to CD standard. Mp3 has a very good compression ratio, a smaller sized file with good quality playback.
Now a regular CD that is not compressed (wav) has a bitrate of 1411kbps. There is no compression involved so it has to move/stream alot more data per second.