Dell 2ghz 512mb

What's more important, GHz or Ram?
I'm looking at two laptops to purchase, the Acer Aspire 5315 and Dell Latitude D531. I want to know, is processor speed or hard drive space more important?
The Aspire has 1.86GHz processor speed, 1GB DDR2 SDRAM, and 120GB hard drive space. The Latitude has 2GHz AMD, 512MB DDR2 (I'd upgrade this to 1GB), and 80GB (I'd upgrade to 100).
Which is the better buy?
I'm using it for my college classes and file storage. Some internet stuff also. I'd like to stay in range $500-$700.
The importance of each other Varies depending on amount.
(I.e. It's CRUCIAL to have 1GB of RAM, yet anything above 2GB is for the time being not that necessary). Think of the processor as water which you have to move from 1 place to another and think of RAM as the glass you're transfering it with. There's a point where a big enough glass is pointless if you're not filling it fast enough.
As for your choices I would to with the 1.86GHZ and 1GB Ram.
HDD space is important because it will determine the total capacity of information you can store on the comp. I would recommend 120GB especially if Vista is included as programs are getting larger and larger these days.
Added:
As long as you have 1GB of ram any of the 2 is ok. Just to give you an idea of numbers regarding HDD space:
An mp3 you download occupies usually anywhere from 2-5MB or space.
If you ever download a movie. The space it requieres (for A good quiality one) is around 1.2 to 1.5 GB.
So if you're not gonna be a "storage hog" and keep media saved on your HDD then I guess you could do with 80GB. But the 1GB RAM is definitely a must. 1.86 GHZ and 2GHZ will make a difference but 512MB-1GB ram makes 10x more difference.
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