What is...

What is OEM, for example OEM ram. Also, how does latency work with ram? is the lower the latency better?

 

OEM, is Bulk shipped to retailer/manufacture/comsumer, no fancy box, no manual, no frills, no fluff/possibly less of warrenty without extra cost?
It is the same actual product as non oem, just no frills.
Lower Latency is better/faster, but the differance in cost usually doesent justify the differance in actual preformance.
Most would not notice the differance in actual preformance of CL2 to CL3
If your gamer or OCing maybe.

Here is link about memory Latency:
http://www.devhardware.com/c/a/Memory/Effects-of-Memory-Latency/
Here is cool link turn on speaker's and sit back:
http://www.corsairmicro.com/memory_basics/153707/index.html