Artist Guy Collins tackles the concept of online latency issues leaking into the real world in Lag, the animated movie. Hopefully it'll load okay for you folks.
Just be thankful that the painful time displacement effects of high latency are confined to our online worlds. As Guy Collins demonstrates here, rubber-banding in Modern Warfare or getting lag-killed in Killzone 3 is nothing compared to the mayhem that would be caused by pressing down the accelerator in your car and not having forward motion kick in for several seconds.
If you do happen to develop a serious case of high latency in real life, contact your doctor several minutes from now.