First, it does depend whether or not your motherboard supports the ram frequency. But, memory controller is normally in the CPU, so it does also play a role when it comes to RAM speed. Some processors may have trouble running ram at a higher frequency.
CAS Latency is the time it takes between a command having been sent to the memory and when it begins to reply to it. It is the time it takes between the processor asking for some data from the memory and then returning it.