PocketAudio (from senstic.com) does exactly what you want.
It installs a virtual audio card (driver) on your PC or Mac, which streams all pc/mac sound to the PocketAudio App on your Android device.
The app is not free but inexpensive.
The app has to run in the foreground, alas; as soon as you select another app the sound stops.
The driver puts some burden on your pc processor: it has to re-encode all audio.
Don't know about the bitrate, you can't set it. On my aging Pentium 4 machine, audio quality is a bit less than playing HQ native music on the android device. Might be 96K or 128K.
There is a delay of about 2 seconds.