I dont have an i7 myself (yet), so others will be more helpful than my self.
But your rig is more than capable of running at the required speeds.
I asume its as easy as going into the bios and setting your ram speed.
As for the missing ram, I asume thats down to two of the sticks not being installed correctly. They have to be installed in tripple channel config. usualy these are shown as coloured dimm slots on the board.
If you check ur bios or download cpu-z, it will shed some light on the problem im sure. At the very least it will show you what sticks of ram it is seeing, and in which slots.