2Rx16 = two Ranks of memory chips at memory data width of 16 bits are being used on a memory module.
A rank of memory chips means that there are so many memory chips being used on the memory module which is equivalent to a total of 64 bits of memory data. In other words one rank of memory chips = 64 bits of memory data. So two ranks of memory chips means there are two lots of one rank memory chips used and so there are therefore two lots 64 bit memory data available.
32Mx64 = memory chip architecture used on each memory chip is equivalent to 32 million (M) memory locations times (x) 64 bits total memory data width.
PC2700 = a DDR type memory module that has a theoretical maximum bandwidth...