Your sound card is Xonar D2 or Xonar Phoebus?
How many effects you've turned on?
Setting bit-depth to 16 or 24 bits makes no difference because all effect working with 32-bit floating-point data.
If you turning any of the effects on, you should set sampling rate to 44.1K or 48KHz. If you set the output sampling rate to 192kHz and you're playing several movies (assuming they got 48kHz stereo audio data), Windows audio system will first up-sample all the audio data to 192KHz, user-mode driver component will down-sample it to 48KHz, convert it to 5.1ch, do the necessary "local" effect process on the 6ch streams (one 6ch stream for each movie), up-sample it back to 192kHz (6ch data now), mix them into one 6ch stream (by Windows audio system), then down-sample the mixed stream to 48KHz again, do necessary "global" effects, then up-sample back to 192Khz finally. All these done in CPU, and you may imagine how much work there is.
One thing you may try is set output sampling rate to 44.1 or 48KHz and turn the effects on and see if the performance is better than the 192KHz case.