Memory speeds are always the same as each other. That is, the entire memory bus runs at the same speed as the slowest module. If you have a pair of PC2700, the pair will run at 166MHz clock (DDR333). If you have a PC2700 and a PC3200, they will both run at 166MHz clock (DDR333). If you have a PC2700 and a PC4200, the pair will run at 166MHz clock (DDR333). Etc. If you're going to handicap your system with a PC2700 module, it doesn't matter whether the second module is PC2700 or PC3200, they'll both run at PC2700 speed.
Memory has no fixed speed. Just like a car has no fixed speed. They are rated at the highest garunteed stable speed. If you put a Corvette on the freeway in bumper-to-bumper 50MPH traffic, it will run at 50MPH.
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