and generate audio, is it possible to transfer this data serially to the arduino?
You will need to turn the audio back into digital numbers before you can pass it down the serial port.
Then you have the problem of converting the digital numbers back into analogue on the arduino. It only has PWM output for analogue and that is not very good for audio plus it is only 8 bits which is telephone quality at best. So you would need an external A/D chip.
Finally the data rate needs to be high but the serial port is only a limited speed.
What is an MS Sam, I have never come across one.