The time you have to wait for DVDRIP to come out on a movie before you can watch. Usual symptoms of torrent delay are: downloading crappy movies instead, downloading a CAM version, not talking to your friends about the film so as not to ruin it.
Yoyo: Have you seen Toy Story 3 yet?
Hoho: Nah man, I have torrent delay. Got to wait for the DVDRIP.
Yoyo: Ah what! Let me tell you what happens...
Hoho: No shut up!