Torque is rotational power. It is important in determining the acceleration and hauling capabilities of a car. For instance, trucks and SUVs have lots of torque because the car itself weighs a lot and they are expected to be able to pull even more.
Horsepower is how "fast" the car is. It is related to the maximum speed of your car and its efficiency. Sports cars will have a lot of horsepower so they can go very fast and still be efficient.
BMWs in general are very well rounded cars. For instance my 325i is pusing 189 horse 181 torque which is about exactly even.
Either horsepower or torque can be calculated if you know the other one. There is a formula relating the horsepower of an engine at a given RPMs to figure out the torque and vice versa.
p.s. this is my first post sup everybody