Its a way to name different types of memory at different speeds. Basically there are 3 widely accepted ways, one for SDR-SDRAM, one for DDR-SDRAM and another for RDRAM.
SDR-SDRAM terminology is the one you're familiar with. There's the JEDEC approved PC66, PC100, and PC133 and the other unofficial PC150 and PC166 types. The numbers are the PC stand for the speed of the memory bus in MHz.
DDR-SDRAM used to be named the same way as SDR-SDRAM, except the numbers are doubled to indicate the doubling of data transfers per clock cycle and the theoretical doubling of performance. Hence you used to have PC200 and PC266 DDR-SDRAM. Before long however, they changed the naming to PC1600, PC2100 and recently PC2700. The numbers after the PC in these cases represent the memory bandwidth, in MB/s. The reason they used this was to market themselves favorably against RDRAM, which typically had a higher PC rating.
RDRAM is named the same method as SDR-SDRAM and early DDR-SDRAM, in that it is rated at double its memory clockspeed(due to it being DDR too), in MHz. Thus you have PC600 and PC800, and recently PC1066 with memory bus speeds of 300, 400 and 533MHz respectively.