To start off, some technical information.
An audio cd (Red Book Standard) has a bit depth of 16 bits and a sample rate of 44,1 KHz. If this is something else, CD players won't play your CD. Maby a DVD player can play the disc but don't count on it.
The sample rate stands for the amount of samples per second. See this as the "detail" of the audio. the more samples, the more detail, the better it
can sound. But this will all depend ond you equipment (eg. mic, preamp, converter, cables).
Back to your initial question.
No. You can not burn a 96 KHz audio file on a regular (red book) audio cd. It just won't be an audio cd anymore. You might try and create a video DVD to play in your DVD player. They can play up to 24 bits/96 KHz
Also bouncing down in logic is in no way destructive. What is does is create a new (stereo) audio file with the new technical settings you entered in the bounce down menu. Your original stays the same.
If you want to bounce your 96 KHz file down to 44.1 KHz, don't do this via ITunes, use logic for this. Use dither when doing so, also try out different dither types to find the one that suits your music best.
Further, the bit depth. 24 bit VS 16 bit. Their is no sound difference between them. Bit depth determines the amount of dynamic range. The difference between the loudest sound and the softest sound. 1 bit = 6 dB. So 16 bit = 96 dB and 24 bit = 144 dB (to be exact: 1 bit = 6.02 dB)
When recording it is wise to use 24 bit because of the headroom. The signal does't have to be recorded "hot" leaving room for peaks without distortion.
When bouncing from 24 to 16 bit, dither makes sure that the volume of loudness of the mix element get's transferred onto the new 16 bit "grid" as best as possible.
And for playback on a cd player, a cd player has a dynamic range of 96 dB (16 bits).
So in short: for a cd, bounce everything down to 16 bit/44.1 KHz. You can keep the 24 bit/96 KHz file but then burn it on a video DVD and play it back via your DVD player. Toast has and easy option to do so.
And when bouncing, your original file will stay just as it was.
(I tried to make this post as logical sounding as possible, if not, let me know.)