Making sense of digital specifications.

Could someone explain to me all the numbers used to dacs. 24/96 and so on. My dac reads 44 on cd's and 48 from my dvd player. What do all these numbers mean?
The numbers refer to the digital sampling rate. Standard "red book" CD use a 44KHz sampling rate. Your DVD player is putting out a higher rate digital signal. The higher the sample rate, the higher the potential sound quality. 24/96 refers to 24 bit word with a 96KHz sampling rate. Red book CDs use the shorter 16 bit word. Again, the longer the word, the higher the potential sound quality.
To add a few points to the previous post by Onhwy61, DAC's (digital to analog converters) progressed from 16 bits to 20, and now to the fairly common 24-bit "word". The number of bits refers to the digits to the right of the decimal point. The more bits, the more information that can be recorded for a specific sample of the signal. There are now 32-bit DAC's being used in the most expensive high-end digital equipment. Some manufacturers also use DAC's that convert 20-bit signals to 24-bits during the processing, to avoid rounding errors. This method supposedly maintains the original signal integrity. In addition, the sampling rate (number of samples taken of a signal in a given time period) has increased over recent years from 44.1 kHz (the rate for CD's), to 96 kHz, and there are now DAC's in some high-end products that provide 192 kHz sampling. "24/96", by the way, is the standard used for DVD-Audio and HDCD recordings.