As was mentioned, the 276hp thing -- which is equivalent to 280PS (
pferde
starke, German for "horsepower"), the metric version of horsepower that the Japanese use -- was a Gentleman's Agreement, an expected-but-not-required agreement among Japanese manufacturers to limit cars to 280PS. It began in 1989, and was officially abandoned a few years ago when Honda officially unveiled a new 300PS V6 for its domestic-market Legend, but was in fact broken several times before (most notably in the infamous R34 Skyline GT-R, which made at least 330PS). With the limit gone entirely, though, Japanese manufacturers can now go all-out instead of trying to "pretend" their cars make 280PS. That's why the next batch of Japanese supercars are all expected to produce over 400hp.
Torque, described most accurately, is a measure of twisting force. If you imagine a wrench trying to twist a bolt, 1lb.ft would be the equivalent of applying 1lb. of force to a foot-long wrench. Meanwhile, 2 lb.ft could either be applying 1lb. of force to a 2ft. wrench, or applyin 4lb. of force to a 6-inch wrench. The length of the wrench (in feet) and the force applied (in pounds) are multiplied.
Horsepower, then, is basically a measure of torque over time, and is calculated by multiplying the amount of torque an engine produces at a certain RPM by that same RPM, and then dividing that result by 5252 (don't ask me why it's 5252, it just is).
So, if an engine produces 230lb.ft at 5000RPM, then...
230lb.ft x 5000RPM
5252
1150000
5252
= 218.96
That engine would produce about 219 horsepower at 5000RPM.
As for whether or not torque or horsepower is more important for "speed," well, both are important (since horsepower relies on torque), but horsepower is ultimately the better measure of an engine's ability to move a car quickly. Torque alone is only good for burning up tires and pulling things.