Torque is a measure of the force available to accelerate the car. Power is how much work you can do with that torque in a given time. Think of it like this : a fairly average engine produces, say, 120 ftlbs of torque. With a fairly long torque wrench or breaker bar you can also apply 120 ftlbs to something like a bolt. The difference between your arm and an engine is that you can perhaps only manage 4-5 full rotations per minute, but the engine will happily do 3500-4000 per minute.
The reason the acceleration is less at higher speed is because of 2 reasons.
1) at higher speeds you are in a higher gear. The higher gear ratio reduces the torque available at the wheels in exchange for faster rotation speed. Power available will always be the same regardless of gear (assuming same engine speed) because, ignoring any power losses in the transmission, power in = power out. Only the speed and torque are affected by gearing.
2) aerodynamic drag forces increase with the square of speed, therefore the power required to overcome the forces increases with the cube of speed (P=Fv). So to double your speed you need 8 times more power. So for example a small car with a top speed of 100mph and 75bhp, at its top speed all 75 horsepower is being used to overcome drag, and there is no surplus power to accelerate the car. So in theory to double the speed to 200mph, 8 times the power (600 bhp) would be required (obviously wouldnt work in reality cos of gearing etc).
In terms of performance, for best acceleration you need an engine which produces max torque at high revs, and suitably matched gear ratios to make best use of the available torque. For top speed, because the drag forces are so large, you need as much power as possible and taller gear ratios.