Latency is the difference in time between the instant at which a command is sent and the instant at which the command is carried out. This is due to the time taken by the computer to process the command. The time between adjusting a control on a virtual mixer and hearing the result of this adjustment is a common example.

Latency is an audio word for lateness and it works just as David said. If you look at the word in the dictionary it just means latent, as if in dormant or hidden. take your pick!

It also has different spellings in different situations. For example, after a gig when I've been out with my musician friends and I try to explain it to my wife, it becomes...

Well see, while we were packing up, we were talkin' and havin' a few, and it got late, 'n see...

Phil

Wow, I feel really dry.

he,he- well, my wife plays keys in my band so we are usually late'n' see together...