"Ehhh, if I'm taking you right then that would be a no, just think of Khz as Kbps. "
Sorry that's just wrong. Kilo-Hertz (sampling frequency) and Kilo-bits per second (bit rate) have nothing in common.
The KHz rating of a sample tells you how often it is sampled (44100 times a second or 48000 times a second). The bit rate tells you how precise those samples are, the higher the bit rate the more acurate numeric representation is stored for each of those (40000+) samples.
Edit: Have a look at this
little picture the blue lines (from bottom to top) represent the sampling frequency (imagine 44100 a second) and the bit rate (or bit value) is the accuracy with which the intersections (red dots) are represented as numbers (long fractional floating point values).
(Sr.'s, Elites, Lifers.....This is just a quick and dirty explanation no need to pick it apart)
Thorin