When a CD-R bundle is 700MB/80 MINS, but says it's compatible with

1x-16x speed and 650MB/74 MINS does that mean the fastest speed you

can burn is 16x? My burner is a 24x, will it let me burn theses CD-Rs at

24x? Thanks.

The speeds shown are those the manufacturer has tested the disc at and are willing to rate them at. The CDR may well be reliable at higher speeds but there are no guarantees.
Often when new 'high speed' discs are released they are the same disc at that company's 'lower speed' disc, it's just that they have re-tested it at the new speed and are happy that it meets their reliability standards. So the old 16x disc is released as the new 24x disc - no changes made to the disc at all.