Key phrases and vocabulary:
Three-way call = 3-way call
VoIP = voice over IP
latency = delay
Mike: Hello! This is Mike!
Boyd: Mike! Hello! This is Boyd. How are you?
Mike: Good. Good. Where's Eric?
Boyd: Eric... Ah, I don't think he's on yet. Let me ping him on MSN (Messenger).
Eric: Hello-o-o-o-o. This is Eric-c-c-c-c.
Mike: Eric. Ah. We can barely hear you.
Eric: Hello-o-o-o-o? Yes, hi this is Eric.
Mike: Eric, this is Mike. Can you please speak closer to your microphone?
Eric: Speak closer to my microphone?
Mike: Yes, we can barely hear you. You sound very distant.
Boyd: Eric, you sound very tinny.
Eric: OK. I am now closer to the microphone. Can you hear me?
Boyd: Yes, but there is a little bit of a latency. A little bit of a delay. Over!
Mike: Well, it is good enough. OK guys. Let's start the meeting.