Did you really say: 16 Mega samples per second ?
Or: 16 milli seconds per sample ?
By the way, that sensor is an expensive freaky weird old and outdated sensor. Why would you use a frequency output, when the Arduino has a I2C bus, a SPI bus and analog inputs.
There is a simple sketch for it: http://arduino.cc/en/Tutorial/Memsic2125
(But I still don't like that sensor)
Don't set high hopes on calculating the position. The MEMS sensors are noisy and drift.http://en.wikipedia.org/wiki/Microelectromechanical_systems
I did see a few projects that calculate the position. Perhaps one was on www.hackaday.com