Single and dual channel mode refer to the effective memory bandwidth.
Single Channel Mode: Here, only one stick of RAM is installed. So long as it is supported by your system (and most should be, if they are physically compatible), the stick will work. The effective memory footprint will be 64-bits wide.
Dual Channel Mode: Here, two sticks of RAM are installed. Again, so long as they are supported by your system they should work and provide double the memory footprint, i.e. 128-bits wide. However, it is not necessarily as easy as that. The memory will only operate at the highest common speed, so a module rated at 667MHz coupled with one at 533MHz will run at the slower speed of 533MHz. In addition to that, timing issues play a part. Ideally, the timing values should be identical. For best results, it is recommended that identical modules should be used in such setups.