Sandra is reading what is programmed in the SPD. This may not reflect the actual capabilities of the RAM. What's your rig? Are you running 133MHz or 100MHz FSB? Somewhere in between? If you can set the CAS latency in your BIOS, you can obviously try CAS2 and see whether your system is stable. Do you know what the chips on the RAM module are? If you read off the markings and go to the manufacturer's website, you can probably find a spec sheet. You won't really know what setings to use without trying variations.
Good luck.