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Glad to help...but....
I think that an Airport Express is limited to 16/48. I think. Perhaps someone else may know.
Yes it is. But most of my music are CD ripped Applelossless files anyway so 16/44 will suffice for the time being. Now to find a good quality mini optical to Toslink cable!
(EDIT)
Some Airport Express Facts I found:
The AX is limited to music files that iTunes can read; ie, 16-bit data only. These data, though, can be in any file format that iTunes recognizes, from lossy MP3s at the low-quality end of the spectrum to Apple Lossless and lossless AIF or WAV files at the high end. It is also important to note that the AX functions only at a 44.1kHz sample rate. When you play 32kHz or 48kHz data, iTunes sample-rate-converts the data in real time before sending it to the AX.
iTunes uses a QuickTime CODEC to convert audio files to Apple Lossless, and then, uses AirTunes to send them to the AX. In turn, the AX uses built-in software that converts the Apple Lossless to an Encoded Digital Audio format. From there, digital audio is sent to a optical transceiver to convert the electrical signal to an optical one before sending it to the innermost part of the audio port. For analog, the AX has a built-in DAC to convert the Encoded Digital Audio to Analog which is sent to the same audio port.
One operational glitch is the fact that, as the AX doesn't have a local clock circuit, when the incoming data is interrupted, as it is when you change songs in iTunes, there is no longer a digital output to feed the DAC, which loses lock as a result. Provided you stick within its limitations and your DAC can cope with its digital output switching off at the end of songs, the combination of iTunes and an AX provides an easy way to pipe CD-quality music around your home.