The SD in SDRAM stands for synchronous-dynamic RAM and although developed in the 1970’s it gained popularity in the 1990’s to eventually replace older types of memory modules.
Synchronous essentially means that its operations are in-synch with your processor; it has a clock-input and it can be controlled by the system clock which also controls CPU operations. As such it is much faster since, in very simple terms, it is synchronized with both CPU and Front-side bus.
SDRAM is what is commonly used today from the Double-Data Rate (DDR) type 1 up to type 3 (DDR-3) all looking slightly different, i.e. the notch being in a different place, and offering different capabilities. DDR type 4 (DDR-4) is currently being developed, released in 2008, and is expected to be available by 2012.
Many motherboards now feature dual-channel memory which allows for the modules to be paired (i.e. slot 1-3, slot 2-4) and allows for improved memory usage and faster performance.