So, can you actually hear any benefits of the larger (48dB) dynamic range offered by 24bit? Unfortunately, no you can't. The entire dynamic range of some types of music is sometimes less than 12dB. The recordings with the largest dynamic range tend to be symphony orchestra recordings but even these virtually never have a dynamic range greater than about 60dB. All of these are well inside the 96dB range of the humble CD. What is more, modern dithering techniques (see 3 below), perceptually enhance the dynamic range of CD by moving the quantisation noise out of the frequency band where our hearing is most sensitive. This gives a percievable dynamic range for CD up to 120dB (150dB in certain frequency bands).
You have to realise that when playing back a CD, the amplifier is usually set so that the quietest sounds on the CD can just be heard above the noise floor of the listening environment (sitting room or cans). So if the average noise floor for a sitting room is say 50dB (or 30dB for cans) then the dynamic range of the CD starts at this point and is capable of 96dB (at least) above the room noise floor. If the full dynamic range of a CD was actually used (on top of the noise floor), the home listener (if they had the equipment) would almost certainly cause themselves severe pain and permanent hearing damage. If this is the case with CD, what about 24bit Hi-Rez. If we were to use the full dynamic range of 24bit and a listener had the equipment to reproduce it all, there is a fair chance, depending on age and general health, that the listener would die instantly. The most fit would probably just go into coma for a few weeks and wake up totally deaf. I'm not joking or exaggerating here, think about it, 144dB + say 50dB for the room's noise floor. But 180dB is the figure often quoted for sound pressure levels powerful enough to kill and some people have been killed by 160dB. However, this is unlikely to happen in the real world as no DACs on the market can output the 144dB dynamic range of 24bit (so they are not true 24bit converters), almost no one has a speaker system capable of 144dB dynamic range and as said before, around 60dB is the most dynamic range you will find on a commercial recording.