This item is from the PC Hardware FAQ, by Willie Lim and Ralph Valentino with numerous contributions by others. (v1.25).
[From: cls@truffula.sj.ca.us (Cameron L. Spitzer)]
It slows your system down so you can play games that were written with timing mechanisms based on CPU execution rate. I know of three implementations:
1. A programmable divider delivers the clock signal at two different speeds.
2. Extra wait states are inserted in all memory cycles.
3. Dummy DMA cycles or extra referesh cycles are inserted. The first is by far the most common.
 
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