It probably depends. I know a full WAV song around 5 minutes long takes roughly 60 MB of space, and if it's converted to 22 KHz it's 30 MB. Not sure if changing it from 16 bits to 8 halves the size once more, though. On the 84+SE we roughly had the same sound quality and we could store around 1 minute of audio in 1.54 MB.
I just did some measurement by winamp. Have music file 8:15 of length.
22KHz, 8bit (format for fxplayer) - 10,929,955 B
11KHz, 8bit - 5,465,000 B
8 KHz, 8bit - 3,965,932 B, but sound quality is like from analog telephone
The fxplayer uses only 5 bits so we can go to 11 KHz, 4 bit - 2732500 B (not tested)
How much music can be stored on 16MB?
So 16 MB storage would hold 5.85x more -> 48 minutes
BTW: why do you ask for 16 MB storage ?
9860 has 1.5 MB and SD card can be up to 2 GB (for the models where fxplayer works)