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In terms of network latency this can be defined by the time it takes for a request to travel from the sender to the receiver and for the receiver to process that request. In other words, the round trip time from the browser to the server.
Latency refers to the ammout of time it takes to do something. CAS latency refers specifically to the ammount of time it takes to charge the caps. for the column address strobe. I'd go into more, but its all covered somewhere in the ram guide, and my memory on the speicifics is a little rusty.