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1.
To do something soon, but still done at one's leisure. Usually, the task is of mild importance, but not critical.
I need the money for the cable bill no later than a Puerto Rican Wednesday.

Can you get me that report no later than a Puerto Rican Wednesday?
by Johnny Lawrence August 29, 2006
 
2.
This term means that something must be done quickly. As fast as possible, but without making any great attempts to finish the task. Typically, the task is not something of great importance, but it is also something that can be put off indefinitely.
I need the water bill no later than a Puerto Rican Wednesday.
by Bobby Teenager July 08, 2006