By choosing to delay, you take no action and then act normally on whatever initiative count you decide to act. When you delay, you voluntarily reduce your own initiative result for the rest of the combat. When your new, lower initiative count comes up later in the same round, you can act normally.
You can’t, however, interrupt anyone else’s action (as you can with a readied action).
This is a rules adaptation from D&D 3.5.
A masterwork weapon is a finely crafted version of a normal weapon. Wielding it provides a +1 enhancement bonus on attack rolls.
The masterwork quality adds 300 gp to the cost of a normal weapon (or 6 gp to the cost of a single unit of ammunition, such as an arrow).
Just as with weapons, you can purchase or craft masterwork versions of armor or shields. Such a well-made item functions like the normal version, except that it gives a +1 to the maximum Dexterity modifier the wearer can add to his AC when wearing the armour.
This would mean that a masterwork chain shirt would cost 200GP, but offer an AC of 13 + Dex modifier (max 3). While a suit of masterwork plate armour would cost 1,650GP, but offer an AC of 18 + Dex modifier (max 1)
This well-made item is the perfect tool for the job. It grants a +2 bonus on a related skill check (if any).