As an automotive engineer, I've thought of different ways to explain this, but here's the best way I've found:
Torque is how HARD the engine is turning
RPM is how FAST the engine is turning
Horsepower is nothing more than the product of the two
In other words, an engine spinning twice as fast and half as hard is making the same power as an engine spinning half as fast and twice as hard. Thus, you can get a 2.0L four cylinder in a Honda S2000 to make 240 hp, the same as your average 3.54.0L V6, because it produces it's torque so FAST.
Torque and horsepower are related, but are different entities. You can't say an engine has "more torque than horsepower". That would be like saying you had more height than money. The number of one might be higher than the other, but that depends on the units: lbft or Nm, hp or kW.
If torque was constant (say, 300 lbft), acceleration would be constant in any given gear, but horsepower would be climbing with RPM (100, 200, 300, etc). Torque is what you actually feel, horsepower is a way to take into account the speed it's being delivered at. So, a 300 lbft car with 150 hp would accelerate at the same rate in the same gear as an identical car with 300 lbft and 300 hp, but for only half as long. The 300hp car would destroy it because it can keep up that given acceleration for twice as long.
Sorry for the windy post, but maybe this helps! My senior design project was a dynamometer, so this is close to my heart.
