Sorry, I'll try to elaborate a little more:

I'm trying to interface to an audio ADC. It requires a master clock, a bit clock (to shift bits in/out of the SPI) and a frame clock. The timing requirements are as follows:

MCLK = 2.048 MHz
FCLK = MCLK/256 = 8 kHz
BCLK = FCLK*32 = 256 kHz

So, the idea is I will use an external oscillator to generate the 2.048 MHz clock, and then sync to it with the 8051 to "bit-bang" the FCLK and BCLK signals.

Hope this helps a bit.

Regards.
Drew