How do I rip Hi-Res MP3 files from CDs?

I want to know if I can rip MP3 files from CD in Hi-Res format: 24/96 or 24/192. Is this possible?
What settings/DSP effects would i need to setup?

If I can only rip 16-bit 44.1KHz (or 48KNz) files, can I use Converter to up-sample tracks to Hi-Res after they are ripped?

Does Win 7-64 Media Player (or Media Center) have ability to play Hi-Res tracks? Does Asset UPnP have ability to play these tracks?

Also, have problems with Dynamic File Location: when I set file location to "[album artist]\[album]\[title] - [album]" by typing it in the encoder "Dynamic" line, it works fine. If I click "Set" option of "Dynamic" line and try to select same path in the "Dialog" window I get path error (sometimes) that says filename not unique.

CDs are 44KHz 16 bit, it is not possible to increase that using any DSP effects (well you could convert 16 bit >> 24 bit, but you still have 16 bits of information, that happen to take up more HDD space).