Referring to this diagram -
They represent both at once - if you picture the sound as an analogue wave, the amplitude (described here as "Displacement") represents the volume of the sound, and the frequency is worked from the number of times the volume passes from a minimum to a maximum in a second, on this diagram, how many times the Wavelength would appear in a second. (Cycles per second, or Hertz.)
A CD is sampled at 16 bits per sample at 44.1kHz, that's 44, 100 cycles per second.
16 bits means that any single sample can
have 2^16 (about 65, 000) different values to represent the volume, and this can be represented for every one of the 44100 samples per second.
This allows audio to be sampled up to a maximum frequency of 22kHz (half the sample rate), which is convieniently the top of our hearing range - hence why 44.1kHz was chosen.