No. Look, your memory will still operate at your external clock or FSB (the raw number that everything else is multiplied by) x 2. Your CPU will operate at your external clock x7, or 8, or 9, or whatever it is. The total speed at which your CPU can get information from the memory is determined by your external clock x4. This is the bus between the memory and the CPU, sometimes called the MCH or the Northbridge.
You might be confused by the idea that even though memory in dual channel mode will effectively run at quadruple the speed of the external clock, it is only rated at double the speed. This is because it is only true of the memory _bus_ that it goes 4x the ext clock speed (i.e. 2 sticks of DDR2-533 memory in dual channel mode will be able to transfer the same amount of info per second as 1 stick of DDR2-1066 (if there is such a thing, which there probably isn't)), but false of the memory _modules_. The memory itself will only operate at the external clock speed x 2. It's just that a motherboard feature (dual channel mode) makes the two sticks of memory work in tandem rather than treating them as one big stick.
So the CPU getting info from the memory would look like this (assuming a 1:1 divider):
Memory stick 1 (ext clock x2) + Memory stick 2 (ext clock x2) -> Northbridge (ext clock x4) -> CPU (ext clock x9, say)
In dual channel mode, your northbridge and your memory are effectively working at the same speed (on a 1:1 divider), although one is rated FSBx2, and the other is rated FSBx4.
All you really need to know is that the way DDR memory is rated is simply by doubling the external clock, and the way the mobo's FSB is rated is simply by quadrupling it.