Which is more important, the latency of the ram or the frequency

It's hard to make an absolute qualification. But when similar in numbers lower latency is typically better. Give these a read:
http://www.tomshardware.com/reviews/core-i7-870-1156,24...
http://www.tomshardware.com/reviews/ddr3-4gb-p55,2462.h...

The long and complete answer is to read the links that ekoostik posted,and the short answer is having low timings with a high frequency is the best,some people prefer lower timings and some prefer higher frequencies,none will make a noticeable difference in games,its mostly important for overclocking

Technically, it's better to have both.   Higher frequency AND lower timings. At the same frequency, lower timings are better. At the same timings, higher frequency is better. At high frequency and low timings, you would be very, VERY happy.  

Although what Mr. Maziar said above is true. Having a higher frequency allows your RAM to run with CPUs with high base clocks and tighter BCLK : DRAM ratios. If that didn't make sense to you, you may ignore it.