You are working at a desk. On your desk are the things you are currently working on. How big the desk is, the amount of things you can work on at the same time is your memory. You are the CPU(processor), how many arms you have to work on stacks of papers is the similar to the number of cores in the processor. How fast you move your arms, look at the papers, make decisions and work on it is your processor's speed as defined by a number in GHz.
Nice metaphor

I like it.
Something to keep in mind is that gigahertz rarely dictates real world performance.
Very much so. For example a 3.5GHz quad core snapdragon CPU from a smartphone will not work the same as a 3.5GHz quad core 32-bit computer CPU. Though they both operate at the same 'speed' with the same number of cores, the number of different tasks they can do is different (reduced instruction set). Using Cyganys metaphor the snapdragon can press buttons just as fast as the computer CPU, but the snapdragon can only press + and -, where as the computer CPU can press + - * and /. So if there was a task called 5 x 5, even if they both go the same speed, the snapdragon has to do 5 + 5 + 5 + 5 + 5 instead of 5 x 5, a full 6 more button presses.
In regards to gaming, I know its been said, but "it depends". Some games are made to run better on multiple cores, meaning that the overall number of calculations per second is lower, so you might be able to get away with only 3.0GHz lets say. But if the same type of game was only programmed to run on 1 core, you'll need a much faster CPU to handle the same work load.
Generally speaking, assuming the rest of your components scale with your CPU (by generation or time of release), most high end games require a minimum of a dual core CPU running at 3.0GHz.. That being said current generation CPUs are somewhere between 4-8 cores with a clock speed between 3.0 to 4.5 GHz. If anything its usually the GPU that is slowing down the gaming performance, not the CPU.
In most games, the CPU is only used to calculate really 'simple' things like AI, damage calculation, bullet trajectory, logical operations, saving or opening files, moving objects and animations etc. Usually the brunt of the gaming experience is getting the 3d models, textures, effects, etc for millions of pixels 60 times per second, which is what the GPU is built to do.
Therefore in a strictly multiplayer game such as CS, DOTA, etc, your CPU spec is relatively low. Yor graphical appearance will scale to your GPU of course. But in a game such as Total War, your GPU is under heavy load, but so is your CPU trying to figure out what each unit is doing, how much damage is being transferred, etc.
TL

R; It really depends. Generally speaking you want the best performing CPU you can afford, and match it to a GPU. A computer is only slowed down by its worst "bottleneck". Weakest link metaphor goes here. How do you know what CPU is best? See what peoples average benchmarking score is per said CPU. Thats really the best way to determine what suits your application.