Vorbis

To rip or play OGG Vorbis files, you will need to download and install XiphQT.

Here is what the settings dialog looks like:

Quality:
2 is "Fast"
3 is "Good"
4 is "Best"
Anything above 4 and only a serious audiophile could possibly tell the difference.

The bitrates are in BITS per second, so if you want 160 kbps, you have to type "192000", at least I think. You know, i haven't tried it.