32 bit wave, is this a typo? You should see 16 bit resolution at various sampling rates ( 32 kHz, 44.1 kHz, and 48 kHz) . At the most, 24 bit resolution at different sampling rates (48 KHz, 96 KHz, and 192 kHz are common).
"CD quality" sound is defined as that which has a digital resolution of 16 bits and a sampling rate of 44100 Hz. This would have a serial bit rate of 1411200 bits/sec or 1.41 Mb/s for a stereo stream and half that for mono. Very high end equipment would use a 24 bit resolution and a 96 kHz sampling rate, for a bit rate of 4.608 Mb/s.
A 320 kb/s mp3 stream (.320 Mb/s) is a compressed audio format which has lower than CD quality sound. Basically an MP3 encoded sound stream removes frequencies which are below a certain amplitude threshold (translated roughly, it removes quieter sounds). It thus is typically of lower sound quality than a "CD quality" .wav file.
Hopefully that answers your question.
