As mentioned, your memory runs at the same speed your FSB runs at. For example, your FSB is 150, your memory is 150. If your FSB is too high some boards will have a divider kick in, and your memory will be usually 3/4. The divider of the memory is usually increasing the memory speed instead of lowering it since there are newer chipset which provide more dividers keeping things in spec and easier to maintain.
Keep in mind that overclocking FSB is much easier, in this case you would have to unlock your CPU to drop the multiplier to up the FSB to make use of what you paid for (PC3200 ram). FSB increases everything, PCI Bus (HDDs, CD-Roms, PCI Cards), AGP Bus (Video cards) and other things. . . Multiplier just changes the clock speed of the CPU and it can't really be raised much and only the CPU benefits from this. You wouldn't see much of a difference because other parts like ram and all that are still running how they would.
Usually when overclocking ram, you want to see the latency down to as low as possible. Lower latency gives the ram better performance, and makes the system more responsive and faster. When you reach a real high FSB, you might not be able to achieve such a low latency anymore as the memory just can't take it. In this case your memory is rated PC3200 (200fsb) CAS2.5. I'm pretty sure it could do PC3000 (184fsb) CAS2-2-2 easily w/ other turbo timings because Corsair is a respectable ram company.
Last:
PC1600 = 100fsb
PC2100 = 133fsb
PC2400 = 150fsb (Me thinks, not sure)
PC2700 = 166fsb
PC3000 = 184fsb
PC3200 = 200fsb
I tried to explain the best I can. Don't heisitate to ask questions, as I kind of went a little overkill.