The CPU (Central Processing Unit) or processor is the heart of the computer. There are many different types of CPU's and with different types of speeds. The CPU in a large part, determines how fast the computer will be and what capabilities your machine will have.
Older computers might still have 486 CPU's but all new computer have an Intel Pentium, Intel Celeron or AMD Athlon chip. These CPU's come in different types and speeds. You have a choice of Intel Pentium III, Pentium 4 or Celeron CPUs, and AMD Athlon XP, and Athlon CPUs.
CPU speeds in new computers can vary from 1.6 GHz to 3.2 GHz.