Simulating Network Latency?

ixmo asks: "I've just come around an interesting problem: to simulate low-bandwidth network links without buying expensive WAN simulators, I can connect two old Cisco routers back to back with serial cables, and control the bandwidth via the 'clock rate' IOS command, but how can I simulate network latency? Is there some OS tool or patch (for Linux/OpenBSD) that allows for tuning of network delay? Any hints?"