http://en.wikipedia.org/wiki/CAS_Latency
CAS is an acronym for column address strobe, or sometimes column address select, both referring to the column of the physical memory location in an array of capacitors (a grid comprised of columns and rows) used in dynamic random access memory modules. Latency refers to the amount of time, or lag, that is experienced in traversing a system. Taken together, the CAS Latency (CL) refers to the length of time, in clock cycles, it takes for a request sent from the memory controller to read a memory location and send it to the module's output pins.
Data is stored in individual memory cells, each uniquely identified by a memory bank, row, and column reference. In accessing DRAM, controllers first select a memory bank, then a row location (using the RAS, row address strobe), then a column location (using the CAS). Because the column selection is the last step before requesting to read the data from the physical location of the memory cell, the CAS Latency measures the number of clock cycles between the time the request for data is sent to the actual memory location and the time the data is transmitted out from the module.
When selecting a RAM card the lower the CAS latency rating the better your system will perform. Current DDR2 RAM should have a CAS latency of about four, or optimally three.