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333 MHz RAM, or PC2700, whatever you want to call it will run at 333 MHz. But it won't run at 400 MHz. Well at least, it isn't designed to.
On a 333 MHz board, they would run at the same speed. But I would go for the PC3200 stuff because it means that you can overclock more easily. With an NF7, overclocking is easy. All you would do is set the FSB a bit higher. With PC3200 RAM it would still run. With PC2700 RAM it might not.