benja is a bit confused. 44.1KHz represents the sample rate of cd-audio music, if you make an MP3 or a WMA file out of a cd-audio track the sample rate will still be at 44.1KHz, regardless of the bitrate. What the bitrate effects is the accuracy of each of these samples, the higher the bitrate the closer they are.
I am not personally familiar with the microsoft lossless codec but the term "lossless" basically means that the data recorded is compressed only to the extent where there is no loss whatsoever to the music. So basically you are geting an *exact* copy of what is on the CD. ~900kbps is generally what you'd be dealing with for any lossless audio codec.
Me one, bun fire pon Microsoft so don't use any of this.
Unless your gonna keep the files on your hard drive for yourself there isn't much point using *any* kind of compression as they are just there temporary, so you may as well just use the WAV format which is what cd's themselves use.
Anyway what your doing is right stick to the lossless if it's working for you.