If your audio device supports multiple inputs they will be available for selection here, typically under Windows 7/8 enviroments this will always say Master Volume
This option combined with the sample rate create your stream quality, the number shown is in bits per second. Select the highest number that your internet connection can handle to get the best quality
This is the port used for the Client connection. Depending on your network setup this port may need to be forwarded through your firewall to make a connection with the Client