DDR3 is the speed of the ram.
Duel channel is the way your ram is set up.
So if you are buying a modern system then you will be buying DDR3 ram, because everything runs on that right now (until DDR4 comes out in ~1 year with the release of Broadwell). But then you choose the speed of the ram (1333, 1600, or 1866), the timings (CL 6 through 12... but this typically does not matter on performance), and the configuration (single, duel, or quad).
All mainstream motherboards are duel channel capable. This means that you can populate 2 ram slots (dimms) on the motherboard and then the computer will stripe information across both sticks so that it can read and write to them independently. In theory this would net you a 2x performance boost... but in reality it is closer to a 20-30% speed increase over using a single channel.
High end boards (Sandy Bridge E or Ivy Bridge E systems) use a quad channel memory setup so that the system can read and write to 4 sticks of ram at the same time. Again, you would expect a major performance boost from this, but the sad reality is that it is only a ~10% gain over duel channel.
Considering modern prices I would suggest that you get 2 sticks of ram sold as a duel channel kit. Also, prices being what they are, you can typically get 1866 memory for the same price as 1600. You may never OC your system to take advantage of the 1866 speed, but these are typically better quality sticks that are less prone to failure, and they are normally $1-5 more which makes it a good choice.
When installing your memory be sure to pay attention! Most systems out there have pairs set up as dimm 1&3 and 2&4. Installing memory in dimms 1&2 on these systems will behave like a single channel setup, which is a 20% loss in potential speed that you are missing out on. HOWEVER, some motherboards (specifically some ASUS boards) have pairings on dimms 1&2 and 3&4. On these systems if you were to install the ram like normal in dimms 1&3 would be running in single channel.
If in doubt then look at matching colors as a duel channel pair, or refer to your motherboard manual.