Quick and dirty lesson about RAM.
1) Different speeds. Just under two decades ago, most ram was called SDRAM, designated PC133. 133 means it ran at 133MHz. Eventually, RAM speeds grew faster, and DDR400 became the standard (400MHz). Another kind of RAM was created, but died off within a few years (RD-RAM), but the company that created it sued a number of other RAM manufacturers (but that's a separate story). Anyways, today you will find primarily two kinds of RAM for your PC, and two more for your video card. DDR2 and DDR3 are the current kinds used in your computer; the modern standard is DDR3. Difference between the two is that DDR2 primarily is at the 800MHz standard, whereas DDR3 can go higher (1600MHz standard). Higher speeds = faster computer (or at least, more efficient processing for your computer). The other two kinds of RAM affects your GPU, but you do not have to worry about them. The only thing you need to remember is: If you want the fastest video card, go with the latest memory standard for them. Right now, that's GDDR5, though you will see GDDR4 on some models.
2) Timings. This is my weak understanding so I'll let someone else do a more thorough explanation for you. Pretty much when you buy RAM, the average builder worries about 2 things, and kind of remembers the third. That's size of the RAM and speed, with the timings in third. But timings are important, especially for overclockers. It regulates the amount of power you send to the RAM. More power given = higher the clock rate. The better timings you can get, the more efficient the power (and the higher the overclock you can achieve).
3) Voltage. Same as timings, but essentially, they're mostly 2.1V or 2.3V (I think). It's important to know because your MOTHERBOARD will recognize certain voltages by default without needing you to mess with its bios.
4) Heatsinks. Yes, RAM do come with heatsinks, and their abilities do vary. Most of the time, you'll never ever worry about adding/changing them. But for overclockers, again, this is an important concern as increasing the voltages and speed means they create more heat. So it becomes important to have a good heatsink on the RAM to get the best OC.
Here's an old, but still useful, memory guide from MaximumPC you can skim through: http://www.maximumpc.com/article/features/memory_buyers_guide_whats_best_ram_my_system