Even when jamming in my personal studio anything above 5ms latency on my electric drum set can be noticed. I have to lower the IO buffer size to about 64 samples to get above 5ms latency.

I would love to be able to jam with friends over long distances. For this to actually be enjoyable without frustration the latency would have to be no more than 5-10ms.

I wonder how much latency a local telephone call would use? Then maybe it is possible to set something up where you jam over the telephone line and each musician can hear each other just fine.