Audio recording error: Bit rate of 192 kbs is not compatible with MPEG2 (22050 Hz)

Some background on the MP3 spec:

Sample rates of 16000, 22050 and 24000 are only supported in MPEG2.  Sample rates of 32000, 44100 and 48000 are supported by MPEG1.

Bit rates of 32, 40, 56, 64, 80, 96, 112, 128 and 60 are supported by both MPEG1 and MPEG2.

Bit rates of 192, 224, 256 and 320 are only supported in MPEG1.  Bit rates of 8, 16, 24 and 144 are only supported in MPEG2.

You are receiving this error as your sound system is out putting at 22050 Hz which requires encoding as MPEG2 but you are trying to record at 192 kbs, which is not supported by MPEG2.

Solution

Either change the output format for your default speakers or change the output bit rate (or format) you are trying to record to.

To change the output bit rate or format you are recording to go to Settings > Audio Recording 

To change the default audio output format for your default speakers

1. Right mouse click the speaker in the system tray and select Playback devices from the context menu
2. Select the default speaker and click the Properties button
3. Select the Advanced tab
4. Select a Default format of 16 bit, 44100 Hz.