Horse power creates torque
Actually it's almost the opposite: Engines create torque, horsepower is calculated based on that torque and rpm. In a manner of speaking, torque creates horsepower!
In simple terms, torque gets the fun started (that seat of the pants kick when you stomp the pedal and the tires hook up), and horsepower keeps the fun going.
From an automotive point of view, what's best? Horsepower, as high of rpm as possible, so that you can take advantage of *gearing* to multiply that power. (edit: I make this statement from the perspective of a sports car owner and "part-time race car driver" - obviously if you're talking about towing or freeway cruising and not "high performance driving" then the magical "what's best?" answer changes...)
Case in point comparison. My 1990 Corvette versus my 1999 Corvette.
The 1990 featured the L98 engine, long tube runner intake design great for low-end torque, but unable to breathe above about 4800 rpm. Heavily modified, that car produced IIRC about 310 hp rwhp at about 4300 rpm on a chassis dyno, but over 525 lb/ft of torque. With so much torque and 315-wide Hoosier DOT-R competition tires it would hook up so hard coming out of corners that it would lift an inside front tire and twist the chassis of the car. It however couldn't rev and lots of shifting was required to keep it in it's very narrow low-end power band. Best 1/4 mile was a 12.99 at 105mph and a 3:33 rear gear.
The 1999 Corvette features an LS1 engine, a wonderful lump that breathes well right past 7000 rpm. Mine is once again heavily modified, 245 stage II heads, LS6 intake, long tube headers, very aggressive cam, VaraRam CAI, underdrive pulleys, a few other things I can't remember. Dyno'd 445 rwhp at about 6400 rpm and 456 lb/ft of torque. 3:45 rear gear. More hp than the 1990 but significantly less torque. Difference? best 1/4 mile of 11.54 at 119 mph at 295-wide cheap Firestone street tires. Would very easily be in the 10-second range with a 3:73 rear gear and better tires.
Horsepower RULES.
THIS LINK is all you need to read to answer all your questions re: Torque vs Horsepower
http://www.zhome.com/ZCMnL/tech/torqueHP.htm