playback on the computer hooked to your stereo is a good option
rockbox firmware (rockbox.org) can play 24bit or 16bit on an iPod, no iTunes or decoding necessary
if you're using standard iTunes you options are very limited... import it to iTunes as wav, transcode to apple lossless, or transcode to aac or mp3 or whatever and listen to a proxy.
edit: and yeah, like wolf says its kinda ridiculous to download 24bit which is higher quality than redbook cds then discard 90% of the file by converting to mp3
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