Elaborating on HokieBerts reply:
Torque is the twisting force or moment applied at the center of the crankshaft (for an engine). A moment is equivalent to two parallel forces acting in opposite directions. The units of torque are lbs*ft or N*m. A torque of 1 lb ft is equivalent to a 1 lb force applied at a distance of 1 foot from the center of rotation.
Horsepower (HP) is a measurement of work per unit time; in other words, how much work is performed per second (or minute or hour).
Work in turn is defined as Force x Distance. So HP = (Force x Distance) / Time.
Substitute Torque = Force x Distance , or Force = Torque / Distance
HP = (torque x distance) / (distance x time)
or
HP = (A) x (torque / time) where (A) is a constant
Using lbs for force , feet for distance, and seconds for time, the constant ends up as 550, so
One HP = 550( lb * ft)/sec
Note: This is a dimensional analysis, no flames from the math majors needed or wanted
So, horsepower can be thought of as the ability for your engine to provide torque (or twisting of the crankshaft) in a certain amount of time.
If your engine is a small four cylinder, it won't have a high torque rating but sense it can rev pretty high, the horsepower will be higher than the torque. (e.g. 110hp, 87 ft lbs)
If you have an large truck engine, it will have monster torque, but can not rev very high without blowing apart, so the horsepower will be lower than the torque. (330hp, 850 ft lbs)