Latency n. : The state or quality of being latent.

Example:
How come my Latency for counter strike has risen up to the 400's lately?

Taxonomy
latency, packet, delay, minimum latency, operating system, simulator, passengers, plane, executable, start of packet, round-trip latency, travel, milliseconds, time delay, free encyclopedia, Communication latency, system latency, packet transmission.

Defination from the web:
Latency in a packet-switched network is measured either one-way (the time from the source sending a packet to the destination ... Note that round trip latency excludes the amount of time that a destination system spends processing the packet. ...