Lag a. : Coming tardily after or behind; slow; tardy.

Lag a. : Last; long-delayed; -- obsolete, except in the phrase lag end.

Lag a. : Last made; hence, made of refuse; inferior.

Lag n. : One who lags; that which comes in last.

Lag n. : The fag-end; the rump; hence, the lowest class.

Lag n. : The amount of retardation of anything, as of a valve in a steam engine, in opening or closing.

Lag n. : A stave of a cask, drum, etc.; especially (Mach.), one of the narrow boards or staves forming the covering of a cylindrical object, as a boiler, or the cylinder of a carding machine or a steam engine.

Lag n. : See Graylag.

Lag v. i. : To walk or more slowly; to stay or fall behind; to linger or loiter.

Lag v. t. : To cause to lag; to slacken.

Lag v. t. : To cover, as the cylinder of a steam engine, with lags. See Lag, n., 4.

Lag n. : One transported for a crime.

Lag v. t. : To transport for crime.

Example:
How to does it Lag on my ps3 from the Netgear powerline Ethernet adapter?

Taxonomy
packet, network latency, free encyclopedia, delay, speed of light, protocols, game-play, game, Measure, time to travel, search, computer freezes, mouse button, transmission, the network, network equipment, nodes, the distance.

Defination from the web:
lag is a term used where the computer freezes and then continues some time later when an action is ... If there is different latency, such as distance between computers connecting, the term used is delay although many get it mixed up with lag. ...