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Buffer
From WikiRecording
A buffer refers to the amount of audio that is pre processed and loaded into memory before playback begins. High buffers for audio playback reduces the strain on the CPU, but creates latency when recording due to the time it takes to preprocess and load the audio into the buffer.
Having a buffer set too low can result in clicks and pops because the CPU cannot "keep up" with the playback of an audio track. The more real-time effects being used, the more likely it becomes that a higher buffer setting will be required.