See question #4 of the page for CPU-Z to see why it might misreport what RAM you have installed. If you eyeball your RAM, most RAM sold in recent years has a sticker on it that says exactly what speed it is.
You said that CPU-Z reported your memory as:
- DRAM frequency of 200MHz
- CAS Latency 3 clocks
- RAS to CAS delay 4 clocks
- RAS precharge 4 clocks
- cycle time 8 clocks
- banks cycle time 12 clocks
- command rate 1T
- DRAM Idle Timer 16 clocks
Of these numbers, the two with the biggest single impact on memory access speed are the first two above, the front side bus speed (200 MHz x 2 for DDR = 400 MHz) and CAS latency. However, you asked does this mean you don't have DDR-II 667 -- this depends on whether or not your CPU supports a front side bus rate of 667.
In a comment, you said that this is a server you can't power off or reboot to do this check. So in CPU-Z, look at the SPD tab. SPD (Serial Presence Detect) is a way to read information about the memory from the memory. This should tell you the manufacturer, model, part number, max bandwidth, allowed timings for different bus frequencies, and so on. You can look at each memory slot and tell what kind of memory is in each position.
In CPU-Z in the "Memory" tab, it just tells you how the BIOS and OS decided to configure memory timings, based on looking at all of the memory chips and based on BIOS configuration. The "SPD" tab tells you exactly what the memory sticks you have are capable of.