No and No.
Let's try again:
Yes and yes!
mpega.library in combination with any old player like Amplifier will happily play 44.1KHz 192Kb songs - my 68060 certainly does that. On an AGA-machine you will need to run e.g. multiscan or similar to enable 44.1KHz output - otherwise you will only get 22.05KHz playback. Same thing for all Amigas with no sound card though.
Riva will also play mpeg1 files with audio at full speed with AGA+68060, but it will obviously not be 16 or 24 bit colour.
I have Aweb 3.4 and reckon this is the best it can do.
Well obvious that it looks pants then. Go get IBrowse 2.2 now.
don't expect this thing to do streaming video.
He didn't ask for streaming video.