Whilst the 'standard' RIFF format specification usually accomodates 16 bit data, there is of course no reason that you can not create your own extension. It just won't be playable by Media player using the 'standard' installed drivers or codec. This may not be a problem....
WAV files can and do support other formats, you just need to know how to handle them......
There is howerver a 4GB limit (related to the pointer size in the WAV specification) which with higher bit depths on the sampling does start to become a bit of a problem.
To give you a few samples of other types of wav files check out the following site
here http://www-mmsp.ece.mcgill.ca/Documents/AudioFormats/WAVE/Samples.html
The following definitions for WAV audio formats may also be of interest
here http://www-mmsp.ece.mcgill.ca/Documents/AudioFormats/WAVE/WAVE.html
Good luck with 24 bits.