Yeah, there's a couple of 166Mhz Pentium chips. Not bad for the time. For the early P1 chips... 166 was pretty "badass." I remember most of us had Pentium 75s, and one of us had a 90. I had a Dual Pentium 60, an old server that was used at CompUSA. 166 was super expensive back then.
No idea what that card is. There's four RAM chips soldered onto it... two of them are 70ns chips, and the other two are 60ns chips. I'm guessing maybe 8 megs of ram or something on there?
If I didn't know any better, I'd say those were graphics accelerator chips or it was some kind of graphics card. Perhaps it used the motherboard's onboard connector for the output, and this was just an optional board? It says Compaq in the upper left-hand corner... so I would guess like Capt said... it probably came with the board.