Alright you guys; Half-Life (which is based on the Quake2 engine) won't play any faster than 100fps; that's a limit programmed into the game; there's no way around it. Anybody who claims they can get more than 100fps IN GAME is lying; plain and simple.
What timerefresh does is sort of removes that limit, and shows you what you could theoretically run the game at. Obviously, the Q2 engine is old; and even a GF2 can bang out 1000fps if you run the command say; under the stairs in militia where there just isn't hardly anything to render. What does it prove? Well; nothing, really. If you're looking to compare performance - do like everyone else says and get more all-encompassing and standardized benchmark; like 3DMark2001. If you really like using CS as a benchmark, make a demo, and run it on both your computers at the same resolution, etc, using the 'timedemo file.dem' command.
As for the disparity between yours and your friend's computer - he's got a hundred more megahertz, and he's running faster, rambus, memory - that's it right there. This shouldn't be a big surprise; and it's nothing worthy of a debate like this... Yikes..
-Mobius