I'm not at all clear about what you hope to do but most inexpensive RF modules have low baseband data rates (3-4kbps), making any realtime transfer of continuous data difficult.
128Kbps means 16K samples per second with 8-bit resolution. It takes about 25µS minimum for an ADC sample so you can do the sampling (and maybe the encoding).
You will need good quality FSK transmitter and receiver and probably quadrature encoding to transmit this type of data rate.
The result will be really crappy sound - you need much higher sampling rates to get good sound quality.
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