The multiplier plays a role in determining CPU speed. There are several types of multipliers in a system, but the main one influences the following equation:
Clockspeed = FSB * Multiplier
Most chips, however, have their multipliers locked upwards. This means they can not be INCREASED, but can be decreased. Most Conroes can decrease the mult (lowering the clockspeed) and Athlons do as well. The very high-end chips (FX series on the AMD side, and the X or QX's on the Intel side) can move the multiplier up and down.