|My opinion, but yours might differ.|
Bit Rate: 128 kBits to 320 kBits?
128K is good enough for me. 320K makes the quality somehat better, but the files significatnly larger.
Sample rate: from Auto to 44100 or to 48000?
44100 is good enough for me. 48000 makes the files a bit larger.
Channels: Auto to stereo
Stereo Mode: joint stereo or dual channel
Dual Channel, it's more common.
VBR uses slightly less disk space, but I usually use FBR (Fixed Bit Rate), but that's just me. In fact all of the above is 'just me' :-)
FWIW to XP users: When you click on the 'Command Prompt' you are just causing the 'Command prompt' to be displayed. This prompt gives you access to NTVDM.EXE, the 'NT Virtual DOS Manager'.