Check out the 800 MHz preview article that Anand wrote. It should provide some answers to your questions. If you do not have a dual channel DDR chipset (SiS and Intel just came out with them recently), then you don't need two sticks of RAM to get full use out of your 533 MHz FSB processor. Your single channel DDR chipset might be holding you back in the future, but right now you should be good to go with what you got. By the way, it sounds like your teacher might have smoked too much pot back in the 60s. Some people are under the false impression that because the first P4 chipsets were dual channel RDRAM, all of the P4 chipsets are dual channel, and that is not the case right now. RDRAM was the only dual channel chipset available for P4 until recently when the dual DDR chipsets came out. So, unless you or he is running one of these new boards, there is no need to have two sticks of DDR RAM in your (or his) system.
Edit: updated with corrrect information. Sorry for any confusion this may have caused...