DDR2 RAM comes in 533 and 667 MHz speeds, there isn't any 555.
If you were to install 533 MHz RAM, the machine may (or may not) work, but it would definitely be slower. There's no point to it though, because the 667 MHz modules are as cheap or cheaper than the 533's.
Now, what you may have seen is "PC2-5300 DDR2 RAM 5-5-5"
In that case the 5-5-5 is describing the Latency timings of the RAM module. This is the number of clock cycles that the machine must wait before doing another memory operation to that chip. 5-5-5 (or 5-5-5-12) is the standard timings for DDR2-667 MHz RAM.
PC2-5300 and PC2-5400 are both another way of saying DDR2-667 MHz