Ram timings are basically the amount of clock cycles needed to perform the respective operation. The lower the better, optimal ram timings are 2-2-2-5 (cas latency 2) with cheaper ram running about 3-3-3-8 (cas latency 3).
Your ram will automatically run at the speed of your fsb unless you manually change the divider (the ratio of the ram speed to your fsb), and technically even at a 1:1 ratio your ram will run twice as fast as your fsb because it is DDR ram (double data rate ram). To do basic overclocking you slowly raise your fsb (i.e from 200mhz to 205mhz). That will automatically raise your ram speed to 205mhz, but it will actually be running double that, so 410mhz or DDR410speeds, and your cpu core speed will increase (if you have a 10X multiplier, your new speed will be 10 X 205 = 2050mhz).